Tokyo — Victor Co. Of Japan (JVC) and Kenwood said Monday they have set up a joint venture to develop car electronics technologies as well as home and portable audio products.
The 50-50 joint venture will have 130 employees, the companies said.
In a joint statement announcing the move, JVC and Kenwood said they plan to increase their total sales of car navigation systems to 1 million units per year, from the current 200,000 to 300,000 units per year.
The companies announced in July that they planned to combine forces in several areas, including car electronics, before possibly moving toward a full merger in 2008.
