Japan's Hitachi Ltd., Hitachi Maxell Ltd. and Shin-Kobe Electric Machinery Co. Ltd. said Wednesday they had formed a joint venture to make rechargeable lithium-ion batteries for hybrid cars.
The venture, aimed at tapping into the growing market for hybrid vehicles and valued at ¥1.5 billion, or $13.86 million, is owned 43.7 percent by Shin-Kobe, 36.7 percent by Hitachi (HIT: Research, Estimates) and 19.6 percent by Hitachi Maxell.
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