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Foxconn Technology Group, also known as Hon Hai Precision (OTC:HNHPF), is poised to make significant strides in the electric vehicle market, announcing a strategic seminar in Japan on Apr. 9 to demonstrate its manufacturing capabilities and court potential automotive partnerships.
What Happened: The Taiwan-based contract manufacturer, known for producing iPhones for Apple Inc. (NASDAQ:AAPL) and AI servers for Nvidia Corp. (NASDAQ:NVDA), is leveraging its newly hired Chief EV Strategy Officer Jun Seki, a former Nissan executive, to showcase its automotive ambitions, Reuters reported, citing sources.
The upcoming seminar represents a critical moment in Foxconn’s five-year EV manufacturing journey.
A landmark deal with Mitsubishi Motors marks a significant breakthrough for Foxconn’s automotive strategy. The contract involves manufacturing electric vehicles for sale in Oceania markets, including Australia, New Zealand, and Taiwan.
Foxconn did not immediately respond to Benzinga's request for comment.
Why It Matters: This partnership comes at a crucial time when Japan’s automotive industry is facing increasing competition from agile Chinese EV manufacturers like BYD (OTC:BYDDY).
The company’s EV joint venture, Foxtron, established with Taiwan’s Yulon, currently counts Luxgen as its primary client. Meanwhile, Foxconn is exploring broader strategic opportunities, including potential share acquisitions in established automotive companies like Nissan, contingent upon securing robust EV manufacturing partnerships.
Price Action: Hon Hai Precision is trading at 160.50 TWD ($4.85), down 3.31% on Thursday on the Taiwan Exchange as of 1.30 pm local time.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
