Foxconn, Nidec Plan EV Motor Venture in Taiwan by Year-End
- Manufacturers announced initial tie-up earlier this year
- iPhone assembler and Nidec betting on demand for EV motors
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Foxconn Technology Group’s automobile arm and Nidec Corp. said they plan to establish a Taiwan-based joint venture by the end of this year as they deepen ties by developing and selling powertrains for electric vehicles.
The companies will “conduct feasibility studies and contract negotiations with the aim of concluding a joint venture,” they said in a statement Wednesday. The venture will focus on development, production and sales of traction motors and related systems. Other details will be decided in further talks, they said.