By Naomi Tajitsu TOKYO (Reuters) - Honda Motor Co Ltd and Hitachi Ltd's auto parts subsidiary plan to form a joint venture to develop, produce and sell motors for electric vehicles (EV), joining forces to better compete in the highly specialized "green" car segment. "Producing motors is capital intensive, so rather than just manufacturing them for our own purposes, we would like to produce in large volumes with the possibility of supplying a variety of customers," Honda Chief Executive Officer Takahiro Hachigo told reporters at a news briefing on Tuesday. "In pairing up with Hitachi, we're hoping to tap into its expertise in volume production." The venture will be established in July with an investment of 5 billion yen ($44.69 million), and will be 51 percent owned by Hitachi Automotive Systems Ltd and 49 percent held by Honda, the two companies said.