Foxconn, the Taiwanese technology giant and primary manufacturer of Apple’s iPhones, is on the verge of announcing its second Japanese automotive partner, Chairman Young Liu revealed at the company’s annual shareholders meeting. Liu confirmed that while one Japanese automaker partnership had already been announced, the second was “almost ready to be” announced, though he did not provide further details.
This development comes after Foxconn’s subsidiary, Foxtron Vehicle Technologies, signed a memorandum of understanding with Mitsubishi Motors this month to supply an electric vehicle model. Jun Seki, Foxconn’s chief strategy officer for EVs, had previously highlighted the significance of partnerships with Japanese automakers for growing their EV business during a Tokyo seminar in April.
The interest shown by Foxconn in collaborating with Japanese car manufacturers arises as they face increasing competition from Chinese brands making significant inroads into various global markets, including Europe, Brazil, and Thailand. Mitsubishi Motors, which is part of the Nissan-Renault alliance, has been working with Foxconn as part of its strategy to diversify into the EV sector. Foxconn has also expressed interest in potentially taking a stake in Nissan to further their cooperative efforts.
Foxconn’s electric vehicle venture, Foxtron, which is a joint venture with Yulon, currently counts Luxgen, owned by Yulon, as its primary client in Taiwan. As Foxconn continues its diversification push beyond its core manufacturing business for Apple, its moves into the automotive sector, particularly with Japanese partners, mark a significant step in its expansion into the electric vehicle market.
