Touch module and sensor supplier TPK Holding Co (宸鴻) and passive components maker Yageo Corp (國巨) are to invest US$100 million and US$10 million respectively in US electric vehicle start-up Canoo Holdings Ltd to gain a foothold in the supply chain for electric vehicles.
TPK said that the investment would give it a 4 percent stake in the Los Angeles-based company before it lists its shares on NASDAQ through a merger with Hennessy Capital Acquisition Corp, a special purpose company.
The move would provide Canoo with about US$600 million, which it needs to build its first vehicles.
Canoo is set to launch its first vehicle in 2022, which is purpose-built for a subscription revenue model, the company said in a statement posted on its Web site.
The start-up has about 300 employees.
“We consider this a financial investment. It would also be great if we could penetrate the supply chains of the electric vehicle start-up and other firms,” a TPK official said by telephone yesterday.
TPK and local flat-panel makers made inroads into the electric vehicle industry a few years ago. The Taipei-based touch sensor and module supplier is supplying touch solutions to Tesla Inc.
Yageo, the third-largest global supplier of multilayer ceramic capacitors, said the investment in Canoo would allow it to further penetrate the supply chain of electric vehicles and autonomous cars, following its acquisition of Kemet Corp and Pulse Electronics Corp in the past two years.
Kemet specializes in making passive components that are used in automobiles, high-end 5G base stations and industrial devices.
Before the acquisition of Kemet, the automotive segment only contributed 8 percent to Yageo’s revenue last year, the company said.
Yageo said that the latest investment aligns with its long-term strategy of concentrating on better-margin high-end passive components, including those used in 5G, automobile and medical devices.
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