Hon Hai Precision Industry Co (鴻海精密) yesterday said it is in discussions with Japan’s Nidec Corp to form a joint venture to produce and distribute motors via its subsidiary Foxtron Vehicle Technologies Co (鴻華先進).
The companies aim to reach an agreement by the end of December and to form the venture next year, with its headquarters in Taiwan, to develop, produce and distribute automotive motor systems.
Exact details of the venture have yet to be determined, a Hon Hai statement said.
Photo: Chen Jou-chen, Taipei Times
Hon Hai previously signed a memorandum of understanding with Nidec on a strategic partnership, saying “it will provide indispensable momentum in powertrain development for the next generation of electric vehicles.”
Nidec, as one of the leading motor manufacturers in the world, would utilize Hon Hai’s vehicle design and development capabilities, the statement said.
“Nidec’s powertrain system is known for its small size, lightness and high efficiency,” it said.
Nidec is targeting a 40 to 45 percent share of the global electric vehicle powertrain market by 2030, it added.
Nidec was founded in 1973 in Kyoto by chairman Shigenobu Nagamori. Since then, it has grown to produce annual revenues of more than US$10 billion a year, with 300 subsidiaries and more than 100,000 employees worldwide producing motors, generators and assorted related products for computers, electronic devices, robots and vehicles.
Describing the relationship as “deeply complementary” and “leading to an increase in development efficiency and product competitiveness,” Hon Hai said the new joint venture would provide a stable source of motors for the company’s electric vehicle ventures, while creating a new market for Nidec.
“Both companies are now working on a plan that includes passenger vehicles and commercial vehicles, where the initial results and demonstrations are planned for the fourth quarter of 2021,” the statement said.
Foxtron Vehicle Technologies, founded last year, claims to be the “only company in Taiwan with the ability to design and develop an entire vehicle,” having inherited Hon Hai’s experience in electric vehicles.
“Through the MIH [electric vehicle alliance] platform, Foxtron seeks to ally with the whole world while based in Taiwan, and bring the Taiwanese EV [electric vehicle] ecosystem to the next level,” a statement said.
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