Foxconn reportedly approached Japanese automaker Nissan Motor Co., Ltd. for a potential controlling stake, according to Bloomberg on Wednesday. The Taiwanese tech giant is making an aggressive push into the electric vehicle (EV) market.
Officially known as Hon Hai Precision Industry Co Ltd , Foxconn appears interested not only in Nissan’s automobile lineup but also in its automaking infrastructure, the Bloomberg report noted.
Foxconn has been heavily investing in EV manufacturing and appointed Jun Seki, a former Nissan and Nidec executive, as the chief strategy officer of its EV business in 2023. Additionally, the company spun off its EV division, Foxtron Vehicle Technologies Co Ltd, in late 2023.
Meanwhile, Nissan has been facing increased competition from EV manufacturers, particularly in China, where a fierce price war is unfolding in the world’s largest automobile market.
On Tuesday, reports emerged suggesting Nissan and fellow Japanese automaker Honda Motor Co Ltd are considering a merger to better navigate market challenges, potentially involving Mitsubishi Motors Corp. as well.
