Foxconn and Nidec have launched talks to set up a Taiwan-based joint venture next year to build motors for electric vehicles, as the two Apple suppliers make an aggressive push into the market.
Japanese manufacturer Nidec will deepen ties with Taiwan’s Foxconn — the world’s largest contract electronic manufacturer — and is planning to spend $9bn in acquisitions over the next five years to increase sales of electric vehicle motors.
“Currently. the majority of our [automotive] clients are carmakers. But in addition to those who have traditionally been selling cars, we are now seeing loads of new entrants from other sectors,” Jun Seki, a former Nissan executive who was appointed Nidec’s chief executive earlier this year, told an online news conference.