Nidec Corp. plans to more than triple its revenue over the next five years by focusing on electric vehicle powertrains and buying specialists in motor technologies, according to two people familiar with the matter.
The world's leading maker of precision motors and a supplier of parts for Apple's iPhones is expected to detail its plans as soon as Tuesday, when it will name former Nissan Motor Co. executive Jun Seki as president, the sources said.
The new strategy shows how the Kyoto-based company wants to play a bigger role in the auto industry as electric vehicle production takes off, after slowdowns in demand for motors in markets such as cellphones have weighed on its sales.