Foxconn Eyes Collaboration, Not Acquisition, with Nissan Amid Auto Industry Shifts

Foxconn's Chairman, Young Liu, emphasized collaboration, not acquisition, in talks with Nissan amidst the automaker's challenges. As Nissan's merger discussions with Honda falter, Foxconn looks to an alliance in the electric vehicle sector, focusing on design and manufacturing services alongside Renault. Shares of Nissan and Foxconn reflect market anxieties.

In the face of shifting dynamics within the automotive industry, Foxconn's Chairman Young Liu has clarified the company's intentions in its dealings with Nissan, noting that their primary goal is collaboration rather than acquisition. This announcement follows Nissan's halted merger discussions with Honda.

Foxconn, which is globally recognized for its role as Apple's main supplier, is now looking towards the electric vehicle market, aiming to provide commissioned design and manufacturing services rather than building an auto brand. The Taiwanese electronics giant is also in talks with Renault amid Nissan's ongoing challenges.

Despite optimism about new partnerships, market reactions have been cautious, with Nissan shares dipping 7% and Foxconn shares slightly down by 1%. Both companies are poised to release their quarterly financial results, which investors will scrutinize for insights into future collaborations and market strategy.

(With inputs from agencies.)