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Nidec considers a joint venture with Taiwan s Hon Hai Technology to develop EV motors | The Asahi Shimbun: Breaking News, Japan News and Analysis

Japanese electronic components maker Nidec Corp. said on Wednesday its first-quarter operating profit jumped 60% to 44.6 billion yen ($406 million), helped by a rebound in demand for motors for electric vehicles (EVs) and home appliances. Nidec, better known for producing electric motors for computer hard drives and smartphones, is trying to capture about a third of an emerging market for energy-saving EV motors known as e-axles. Demand for those is widely expected to increase 10 times over the next decade. As it expands into auto parts, Nidec on Monday said it had agreed to consider a joint venture with Taiwan s Hon Hai Technology Group to develop EV motors. The companies said in a news release they would aim to establish the venture in 2022, helping Nidec expand into new markets and ensuring a stable supply of motors for Hon Hai.

Fisker, Foxconn sign deal to build EV in U S

Fisker, Foxconn sign deal to build EV in U.S. Fisker will design the vehicle; Foxconn will build it in the U.S. BLOOMBERG Taiwan s Hon Hai Technology Group better known as Foxconn, manufacturer of the Apple iPhone appears to be edging closer to entering the auto industry after signing a deal with Fisker Inc. to build a high-volume electric car with a price tag starting under $30,000. The deal calls for Fisker Inc., of California, to design the vehicle and then hand it off to Foxconn to assemble at a plant in the U.S. No manufacturing locations were announced Thursday. Production is projected to begin in the fourth quarter of 2023.

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