Yamaha Motor Acquires Electric Marine Propulsion Manufacturer Torqeedo

Bolstering competitiveness and accelerating carbon neutrality efforts in the Electric field of the Company's Marine CASE Strategy

IWATA, January 19, 2024 - Yamaha Motor Co., Ltd. (Tokyo: 7272) announced today that it has recently concluded a stock purchase agreement with Germany's DEUTZ AG, which owns marine electric propulsion manufacturer Torqeedo, to acquire all of Torqeedo's shares. This stock acquisition is premised on the acquisition of the clearances, permits, etc., required by competition laws and other regulations.

Torqeedo, a pioneer in the field of electric marine propulsion, offers a wide-ranging lineup of products, from electric outboard and inboard motors to batteries and various other accessories. With sales in the small electric motor market on the rise, mainly in Europe, Torqeedo continues to grow as a company. It also holds many patents related to electric motors, propellers, and electric systems, as well as the R&D capabilities, mass-production equipment, and development resources for next-generation environmental technologies.

Yamaha Motor's aim in acquiring Torqeedo is to strengthen the Company's development capabilities in the Electric field of its Marine CASE Strategy, which outlines the general direction for the Marine Products business in the current Medium-Term Management Plan. This acquisition is also meant to accelerate the Company's efforts for achieving carbon neutrality in the marine industry as well as aid in fast-tracking the establishment of a small electric propulsion lineup. Furthermore, by combining Torqeedo's assets with Yamaha Motor's decades of technical expertise and know-how in hull design, marine engines, and more will birth synergies for creating mid-range electric outboard motors as the Company aims to become a leader in the growing market for electric boat propulsion.

By implementing its Marine CASE Strategy, Yamaha Motor will deliver attractive products and services with high added value to its customers and strive to achieve its Marine Long-Term Vision of being a business further increasing the value of the ocean by providing customers with a reliable and rich marine life.