Foxconn approached Nissan for controlling stake amid EV ambitions- Bloomberg

Foxconn (SS:601138 ) had approached Japanese carmaker Nissan Motor Co., Ltd. (TYO:7201 ) for a potential controlling stake, Bloomberg reported on Wednesday, as the Taiwanese tech giant seeks to push aggressively into building electric vehicles. 

Foxconn, known formally as Hon Hai Precision Industry Co Ltd (TW:2317 ), is likely interested in Nissan’s lineup of automobiles, not just its automaking infrastructure, the Bloomberg report said.

The Taiwanese firm has been heavily investing in making EVs, and had even named former Nissan (OTC:NSANY ) and Nidec executive Jun Seki as the chief strategy officer of its EV business in 2023. 

Foxconn had spun off its EV unit, Foxtron Vehicle Technologies Co Ltd (TW:2258 ), in late-2023. 

Nissan has been struggling with increased competition from EVs, especially in China, where EV makers have been engaged in a bitter price war for dominance in the world’s biggest automobile market.

Reports on Tuesday said that Nissan and Japanese peer Honda (NYSE:HMC ) Motor Co Ltd (TYO:7267 ) were considering a merger to better weather market headwinds, and could also rope in peer Mitsubishi Motors Corp. (TYO:7211 ). 

Source: Investing.com