Hitachi Automotive Systems America, Inc., a wholly owned subsidiary of Hitachi America, Ltd. today announced that Hitachi Automotive Systems will kick off its sponsorship and join the Team Penske IZOD IndyCar Series program for the 2012 season. Hitachi Automotive Systems will serve as a primary sponsor on the No. 2 Team Penske Dallara/Chevrolet-powered Indy Car driven by Australian born, Ryan Briscoe this season. Hitachi will be branded at eight IndyCar Series races this season, kicking off this weekend with the first race in Birmingham, Ala., and subsequent races in Long Beach, Calif., Sao Paulo, Brazil, Detroit, Mich., Toronto, Canada, Edmonton, Canada, Qingdao, China and Sonoma, Calif. Hitachi will also serve as an associate sponsor on the No. 2 car during the balance of the IndyCar races this season. In addition to the sponsorship, Hitachi Automotive Systems will also supply components on the new Chevy Race engine. “Hitachi Automotive has a long standing relationship with General Motors. We have worked closely to collaborate on the fuel system delivery for Chevy’s new racing engine used in the 2012 IndySeries,” said Rob Sharpe, Vice President of Sales for Hitachi Automotive Systems America, Inc. “We are also thrilled to become part of the winning Team Penske IndyCar program, our first sponsorship for the IndyCar racing program,” said Sharpe. “Through our collaboration with Hitachi we have been able to transfer the technology and experience from production components in Chevrolet vehicles on the road today. We have taken that expertise and incorporated it into the fuel system design of the new Chevy IndyCar V-6 race engine, including the environmental benefits resulting from direct injection and the use of ethanol (E85) fuel. Learnings from the on-track performance of the direct injection fuel system technology may be incorporated into future production applications," said, Chris Berube, Chevrolet IndyCar - Program Manager.
Hitachi (NYSE:HIT) hit a new 52-week high Tuesday as it is currently trading at $63.44, above its previous 52-week high of $63.17 with 8,582 shares traded as of 9:35 a.m. ET. Average volume has been 60,800 shares over the past 30 days.