From Nasdaq:

EuroGroup Laminations will invest 50 million euros to expand production capacity in Mexico for clients like Volkswagen, Renault, Ford, GM, and a U.S. electric vehicle (EV) maker. A new plant in Queretaro is part of this investment, which will help EuroGroup Laminations meet increasing demand in the North American EV market with orders worth 3.5 billion euros.

The Milan-based company, EuroGroup Laminations, specializes in stators and rotors for electric motors and generators. It currently has seven plants in Italy and facilities in China and the United States. This expansion will help the company take advantage of the rapidly growing North American EV market, where it has already secured orders worth 3.5 billion euros for the 2024-2028 period.

EuroGroup Laminations’ total order book for the automotive industry reached a record 6.4 billion euros in October last year, indicating significant demand for their electric motor components. This investment will help the company meet this growing demand and expand its presence in the North American EV market.

The 50 million euro investment by EuroGroup Laminations will include the construction of a new plant in the Mexican state of Queretaro to meet the growing demand for electric motor components. This expansion will enable the company to serve its clients in the automotive industry, including major players like Volkswagen, Renault, Ford, and GM, as well as a U.S.-based electric vehicle (EV) maker.



Read more: EV motor maker EuroGroup Laminations to expand production in Mexico