Nidec, Foxconn Mull Joint Venture to Sell EV Traction Motors

   By Kosaku Narioka

Nidec Corp. said Wednesday that it would consider setting up a joint venture with Foxconn Technology Group to develop and sell traction motor systems for electric vehicles.

The Japanese electric-motor maker said the joint venture would be established in Taiwan by 2022 and the parties aim to reach an agreement by the end of December.

Nidec said a joint venture with Foxconn would be an important way through which to sell its motors to new players in the auto industry and meet its goal of producing 10 million units of traction motors in 2030.

Taiwan's Foxconn has been teaming up with other companies such as Fisker Inc. and Stellantis NV to expand its car-related business.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

July 21, 2021 03:47 ET (07:47 GMT)

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