Denso announced plans Friday to invest $1 billion to expand its US operations to focus on technology for automotive safety and electric vehicles.
WASHINGTON - Japanese auto supply giant Denso announced plans Friday to invest $1 billion(R13.71 billion) to expand its US operations to focus on technology for automotive safety and electric vehicles.
The investment is expected to create 1,000 new jobs at Denso's facility in Tennessee, according to the company.
DENSO announces $1 billion investment in Maryville, Tennessee campus with plan to create 1,000 new jobshttps://t.co/CRK6vVw0q0 pic.twitter.com/EThfvbgbqZ
— TNECD (@TNECD) October 6, 2017
"This is an investment in the future of Denso, and also the future of transportation. We are seeing dramatic shifts in the role of transportation in society, and this investment will help position us to meet those changing demands," said Kenichiro Ito, chairman of Denso North America and chief executive of Denso International America.
Denso's move comes amid a growing trend by global automakers to shift to electric vehicles and new connected technologies for automobiles.
DENSO expansion comes with ceremony, incentives https://t.co/o2JrTbu6Rr pic.twitter.com/wkdI0CJoEA
— knoxnews (@knoxnews) October 6, 2017
Denso last month announced a partnership with fellow Japanese group Mazda to develop electric vehicles.
At the 2016 Consumers Electronics Show, Denso unveiled its system of vehicle to vehicle (V2V) communication designed for accident avoidance and reducing
