Foxconn proposes to form a four-party electric vehicle alliance with Honda, Nissan and Mitsubishi

Foxconn proposed to form a four-party electric vehicle alliance with Honda, Nissan and Mitsubishi, planning to jointly develop key technologies and explore capital cooperation. This move is intended to cope with competition from Chinese, American and European automakers, just when Honda and Nissan merger negotiations broke down and Nissan was in a financial crisis (estimated net loss of 420 billion yen, global layoffs of 9%). Foxconn is also negotiating to purchase Renault's 36% stake in Nissan, but emphasized that it will not promote its own brand. Honda executives questioned the priority of cooperation, and Nissan's complex equity structure (Renault holds 43%) added variables. If the three parties successfully integrate Foxconn's electronic manufacturing capabilities and Japanese automakers' technical reserves, it may change the global electric vehicle competition landscape.