Foxconn confirms curiosity in buying Nissan stake
- Foxconn has confirmed talks with Nissan a few cooperation
- Foxconn stated it’s open to buying a stake in Nissan
- Foxconn needs to construct EVs for established automobile corporations, and can be in talks with Honda and Renault
Amid studies {that a} proposed merger between Honda and Nissan is near falling aside, Foxconn has introduced it’s open to buying a stake in Nissan.
Chatting with the media on Wednesday, Foxconn Chairman Younger Liu stated the corporate was concerned with cooperating with Nissan and was open to buying shares within the struggling Japanese automaker if it might facilitate the partnership.
“We did have talks about buying a stake in [Nissan],” he stated, in keeping with the Monetary Occasions. “If [taking a stake] is important for cooperation, we are going to think about it, however shopping for shares will not be our foremost aim. Our foremost aim is cooperation.”
Foxconn, the Taiwanese contract producer greatest identified for making iPhones for Apple, has just lately expanded into electrical car improvement and manufacturing, together with launching its personal EV manufacturers. In 2022, it acquired a automobile plant in Ohio as a part of a cope with the now-defunct EV startup Lordstown Motors. Foxconn’s chief technique officer for its EV division, Jun Seki, can be a former senior govt at Nissan.
Foxconn Chairman Younger Liu (proper) with the MIH modular EV platform
In line with the Monetary Occasions, Liu expects to announce a cooperation deal inside one or two months. He confirmed that Honda, Nissan, and Renault—which owns 36% of Nissan—had been among the many automakers Foxconn was in talks with concerning a potential EV provide deal.
Nissan’s gross sales have declined sharply in recent times, prompting the automaker to announce a restructuring plan final yr that features 9,000 job cuts and a 20% discount in manufacturing. A merger with Honda was proposed late final yr, however current studies from Japan recommend Nissan needs to again out over considerations that Honda seeks to take management of the corporate.
Along with Foxconn, Nissan is reportedly in talks with a tech firm a few potential collaboration. This mirrors Honda’s technique with Sony, which led to the creation of their joint EV model, Afeela.
