Foxconn Technology Group’s automobile unit and Nidec Corp. announced plans to create a Taiwan-based joint venture by the end of 2021 as they continue to deepen ties, according to a report released by Bloomberg on Wednesday.
- The joint venture will focus on development, production, sales of traction motors and associated systems.
- Foxconn, the world’s biggest assembler of iPhones and Nidec had earlier in March signed a deal to supply traction motors to global automakers, backed by their large-scale manufacturing experience.
- Foxconn’s Foxtron Vehicles Technologies was created in 2020 as a venture with Yulon Group that is based in Taiwan.
- In October, Foxconn launched an open and customizable EV software and hardware platform known as MIH, which contributes to hardware, software, and elements.
Kyoto-based Nidec, a major supplier in the electric-motor industry, is pushing to expand their presence in the global auto market. France’s Peugeot SA and China’s Guangzhou Automobile Group Co. are major customers of Nidec’s motors.
Foxconn slips 1.87% in Taiwan. NIDEC Corp. gains +2.44% in Tokyo