Foxconn announced an imminent deal with two unnamed Japanese carmakers to build EVs under contract. The news comes after merger talks between Nissan and Honda, which were rumored to also involve Foxconn, collapsed last month.
During the recent earnings call, Hon Hai Precision Industry Co, better known in the Western world as Foxconn, unveiled its plans to start building electric vehicles for two unnamed Japanese carmakers. The news didn't come as a surprise, considering its long-time plans to start EV contract manufacturing.
Foxconn was rumored to take a controlling stake in Nissan when the Japanese carmaker found itself in hot waters at the end of 2024. This put the Japanese government in panic mode and forced Nissan to work out a plan with Honda to save the company. The talks resulted in a memorandum of understanding to form a 50-50 joint venture. Later, Honda backtracked and wanted to incorporate Nissan, causing the merger plans to collapse.
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