In the latest turn of events, Foxconn, the world’s largest contract electronics maker and Apple’s main iPhone maker, is planning to partner with Nissan to diversify its business in the electric vehicle sector.
Nissan, one of the biggest car manufacturers in the world, is currently struggling to maintain its hold in the market. Moreover, after retreating from the mega-merger with Honda, the carmaker’s future hangs in the balance.
The Nissan-Honda deal would have been transformational in the car industry, which faces threats from China’s BYD but fell apart because of growing differences.
Talks with Nissan & Renault in Focus
During a press conference at Foxconn’s headquarters in New Taipei, Chairman Young Liu clarified that while Foxconn is not seeking to acquire Nissan, it would consider taking a stake if necessary for a potential partnership.
Given Renault’s stake in Nissan, Liu also mentioned that Foxconn is discussing collaboration with France’s Renault. Renault currently holds 36% of Nissan, including 18.7% in a French trust.
Both Nissan and Renault have yet to comment on the development. Following the news, Nissan’s shares dropped by over 8%, while Foxconn’s shares declined by approximately 1%.
