Foxconn approached Nissan for controlling stake amid EV ambitions- Bloomberg By Investing.com

Investing.com– Foxconn (SS:) applied to the Japanese car manufacturer Nissan Motor Co., Ltd. ( TYO: ) for a potential controlling stake, Bloomberg reported Wednesday, as the Taiwanese tech giant tries to push aggressively into building electric vehicles.

Foxconn, officially known as yes Precision Industry Co Ltd ( TW: ) is likely to be interested in Nissan’s vehicle line, not just its auto manufacturing infrastructure, according to a Bloomberg report.

The Taiwanese company has invested heavily in EVs and even appointed former Nissan ( OTC: ) and Nidec executive Jun Seki as chief strategy officer for its EV business in 2023.

Foxconn has shut down its EV unit. Foxtron Vehicle Technologies Co Ltd (TW:), at the end of 2023.

Nissan is battling growing EV competition, particularly in China, where automakers are engaged in a fierce price war to dominate the world’s largest auto market.

Reports on Tuesday said Nissan and the Japanese are similar Honda: ( NYSE: ) Motor Co Ltd ( TYO: ) mulled a merger to better weather market headwinds, and could also rope in partners. Mitsubishi Motors Corp. (YOU:)