Nidec, Foxconn, Foxtron In Discussions To Establish EV Joint Venture

  • Nidec Corp NJDCY agreed to discuss a joint venture (JV) with Hon Hai Technology Group, better known as Foxconn Technology Co Ltd FXCOF, and Foxtron Vehicle Technologies Co., Ltd.
  • On March 18, 2021, Nidec signed a memorandum of understanding with Foxtron regarding its strategic alliance in developing electric vehicle (EV) drive systems.
  • This JV aims to ensure a stable supply of traction motors and other automobile motors for Hon Hai, Foxtron and to expand sales opportunities of new markets and customers for Nidec.
  • They plan to set JV’s Taiwan headquarters within 2022. The main business of the JV will be on the development, production, and sales of traction motor systems and various motor-related products for automobiles.
  • Nidec revealed confidence that the establishment of the JV will be an essential step in building its foundation for traction motor production target of 10 million units in 2030.
  • Price action: NJDCY shares are trading higher by 3.28% at $30.25 on the last check Wednesday.
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