Taiwan's Foxconn is exploring a potential acquisition of Renault's stake in Nissan, aiming to enter the Japanese car market. This move follows reports of Nissan and Honda discussing a merger to strengthen their position against Tesla and Chinese EV manufacturers.
Taiwan's Foxconn is in talks with French auto giant Renault to buy its major stake in Japanese carmaker Nissan , a report said Thursday, after the Japanese firm rebuffed its inquiries about an investment. The development comes after reports on Wednesday that Nissan and local rival Honda were in talks about a merger to help them compete against Tesla and Chinese electric vehicle makers.
Foxconn, also known by its official name Hon Hai Precision Industry, is the world’s largest contract electronics manufacturer and builds devices for major tech companies, including Apple’s iPhones. But it has been moving to diversify beyond electronics assembly, pushing into areas ranging from electric vehicles to semiconductors and servers. Taiwan’s Central News Agency cited unnamed industry sources as saying Jun Seki, Foxconn’s chief strategy officer for EV, had gone to France to negotiate with Renault, which owns a significant stake in Nissan. The report said Foxconn “had directly expressed” its willingness to Nissan to buy equity but after “Nissan did not agree” it approached Renault. “Seki and his team are currently negotiating with Renault in France, hoping that Renault will be willing to release its equity in Nissan to Hon Hai,” the report added.Nissan and Honda, Japan’s number two and three automakers behind Toyota, were said to be in preliminary discussions on a tie-up, having agreed in March to explore a strategic partnership on EVs. Bloomberg reported Wednesday that an approach by Foxconn to take a controlling stake in Nissan accelerated discussions with Hond
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