Marelli Corp. and supplier Punch are forming a joint venture to develop and manufacture e-axles.
The joint venture, named Marelli Electric Powertrain Strasbourg, will bolster both companies as they seek to supply integrated systems to EV markets in Europe and the Americas, Marelli and Punch said Tuesday.
Marelli, the Japanese-Italian supplier formed from heating, AC and exhaust supplier Calsonic Kansei and former Fiat Chrysler Automobiles lighting unit Magneti Marelli in 2019, will supply electric motors, inverters and software for the e-axles to the JV.
Punch, based in Belgium, will supply gearbox components and contribute its development and manufacturing expertise.
The not-yet-valued JV will be majority owned by Marelli and will be headquartered at Punch’s facility in Strasbourg, France.
The deal has been signed and regulatory filings are expected to be complete toward the end of the second quarter, Marelli said.
“The joint venture is an important milestone in Marelli’s e-mobility growth strategy,” Hannes Prenn, CEO of Marelli’s electric powertrain business, said in the statement. “With this cooperation, we further expand our unique offering as a full system provider for electric powertrains which is complemented by our thermal and battery management solutions.”
Marelli Corp. ranks No. 14 on the Automotive News list of the top 100 global suppliers, with worldwide parts sales to automakers of $14.94 billion in 2019.