Hon Hai, Nidec eye joint ventureAUTOMOTIVE SYSTEMS: A joint venture would provide a stable source of motors for Hon Hai’s electric vehicle ventures, while creating a new market for Japan’s NidecBy Angelica Oung / Staff reporterHon Hai Precision Industry Co (鴻海精密) yesterday said it is in discussions with Japan’s Nidec Corp to form a joint venture to produce and distribute motors via its subsidiary Foxtron Vehicle Technologies Co (鴻華先進). Exact details of the venture have yet to be determined, a Hon Hai statement said. People walk into Hon Hai Precision Industry Co’s headquarters in New Taipei City’s Tucheng District in an undated photograph. Nidec is targeting a 40 to 45 percent share of the global electric vehicle powertrain market by 2030, it added. Describing the relationship as “deeply complementary” and “leading to an increase in development efficiency and product competitiveness,” Hon Hai said the new joint venture would provide a stable source of motors for the company’s electric vehicle ventures, while creating a new market for Nidec.

Source: Taipei Times July 21, 2021 15:56 UTC