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Foxconn Talks Electric-Vehicle Motor Venture With Japan’s Nidec

By Ding Yi / Jul 22, 2021 05:51 PM / Business & Tech

Foxconn came under the spotlight in January thanks to its partnership with Volvo Cars owner Geely with regards to electric vehicle manufacturing. Since then, the iPhone assembler has done more to get involved in the industry’s supply chain.

On Wednesday, Japanese motor-maker Nidec said that it is in talks with Foxconn and its automobile arm Foxtron Vehicle Technologies to create a joint venture to make traction motor systems for electric vehicles.

The three parties will “conduct feasibility studies and contract negotiations” with the aim of reaching an agreement by the end of this year to form the joint venture by 2022, Nidec said in statement on Wednesday.

The venture would focus on developing, producing and selling traction motor systems, a core component used to propel a vehicle, according to the statement, adding that details about the venture have yet to be decided and are subject to change as discussions progress.

In May, Foxconn announced it was working with automakers Fisker and Stellantis to push deeper into the car manufacturing. The partnership with Fisker focuses on the development of an affordable electric vehicle, while the deal with Stellantis involves R&D for intelligent control technologies for connected cars.

Related: Foxconn to Set Up Chipmaking Joint Venture with Yageo

Contact reporter Ding Yi (yiding@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)

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