iPhone Assembler Foxconn in Electric Vehicle JV Plans with Nidec by the end of 2021

iPhone Assembler Foxconn in Electric Vehicle JV Plans with Nidec by the end of 2021

(Bloomberg) Foxconn Technology Group, through its automobile unit, seeks to establish a Taiwan-based joint venture with Nidec Corp. by the end of 2021.

The deal aims to strengthen ties by producing and selling electric vehicles’ powertrains.

Foxconn and Nidec are expected to conduct feasibility studies and initiate contract negotiations for the intended JV.

The deal happened after Foxconn signed an agreement with Nidec in March to supply traction motors.

The deal is a boost to Kyoto’s Nidec, which has been pushing into the global auto market and currently serves as a key supplier in the EV industry.

2354: TPE is down -1.87%, 6594: TYO is up +2.44%, AAPL: NSDQ is flat at -0.23%

Leave a Reply