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July 22, 2021

Hon Hai in EV powertrain JV talks with Nidec

Talks have begun over a new EV JV.

By Graeme Roberts

Taiwan’s Hon Hai Precision Industry Company announced it was in talks with Japan’s Nidec Corporation to establish a joint venture to develop, produce and distribute powertrain systems for electric vehicles (EVs).

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Hon Hai, widely known as Apple’s main manufacturing outsourcing company Foxconn, has ambitious plans to also become an EV contract manufacturing company and has developed its own modular EV platform to offer clients.

Hon Hai is also in the process of establishing an effective supply chain for its EVs with around 1,800 Taiwanese companies having already joined its Mobility in Harmony (MIH) supplier association.

Nidec is one of the world’s leading suppliers of electric motors and has invested heavily to become a leading global supplier of EV drive systems.

The joint venture is expected to be based in Taiwan’s capital city Taipei.

Hon Hai will make the investment through its Foxtron Vehicle Technologies Company subsidiary which was established last year to encompass its EV operations.

Foxtron claims to be the only company in Taiwan able to design and develop an entire electric vehicle.

Hon Hai had previously signed a preliminary agreement with Nidec to explore opportunities for a strategic partnership, saying at the time “it would provide indispensable momentum in powertrain development for next generation electric vehicles”.

Hon Hai said: “Nidec’s powertrain system is known for its small size, lightness and high efficiency” after evaluating its E-Axle traction motor system.

The Japanese company said it aimed to control 40%-45% of the global electric vehicle powertrain market by 2030.

Free Report
img

What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
  Consult this report now to find out how you and your company can benefit from our Explorer platform.
by GlobalData
Enter your details here to receive your free Report.

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