Foxconn discusses Nissan bid for electric vehicle expansion- WSJ

Investing.com -- Foxconn (SS:601138 ), a Taiwanese contract manufacturing behemoth primarily recognized for assembling Apple (NASDAQ:AAPL ) products, is reportedly considering the acquisition of Japanese automaker Nissan (OTC:NSANY ) as part of its strategy to grow its budding electric vehicle (EV) business, the Wall Street Journal reported today.

Foxconn has shown interest in Nissan's core competencies, including its expertise in car hardware manufacturing and design, according to sources familiar with the matter.

Jun Seki, a former Nissan executive who currently heads Foxconn's EV division, has been instrumental in establishing communication channels between both companies. However, neither Foxconn nor Nissan have officially commented on the matter.

This news comes on the heels of an announcement by Nissan and Honda (NYSE:HMC ), stating that the two long-standing Japanese competitors are discussing potential future collaborations or a merger. However, they clarified that no final decision has been taken yet.

Foxconn, also known as Hon Hai (TW:2317 ) Precision Industry, has been leveraging its extensive experience in contract manufacturing to gain a foothold in the global EV market. The company's plans involve manufacturing vehicles in a similar manner to how it assembles iPhones for Apple and PlayStations for Sony (NYSE:SONY ).

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Source: Investing.com