- Hon Hai Precision Industry Co Ltd (OTC: HNHPF), operating as Foxconn Technology Group, named automotive veteran Mr. Jun Seki to be the Group’s Chief Strategy Officer for electric vehicles effective from 1 February 2023.
- Seki is a seasoned executive with two Japanese icons, Nissan Motor Co, Ltd (OTC: NSANF) (OTC: NSANY) and the largest electric motor maker Nidec Corp (OTC: NJDCY) (OTC: NNDNF).
- Also Read: Taiwanese Foxconn Driven Towards Mexico Due To Demand For EV, Sophisticated Chips And Geopolitical Tensions
- Seki will assist the Group in integrating EV resources and development in the Americas, Asia, and the Middle East.
- Foxconn bolstered efforts to secure new revenue after grappling with thin margins and unprecedented Covid-induced challenges in China.
- Foxconn made aggressive advances in automotive over the past year by acquiring a pickup assembly plant from embattled Lordstown Motors Corp (NASDAQ:RIDE), Bloomberg reports.
- In 2022, NXP Semiconductors NV (NASDAQ: NXPI) collaborated with Foxconn to develop EV platforms.
- Foxconn aims to provide components or services to 10% of the world’s EVs by 2025 to 2027, Chair Liu Young-way has said, vowing to lower manufacturing costs for carmaking with its assembly know-how as the world’s largest contract electronics manufacturer.
Google Court Ruling Spurs Analyst Opinions — Will The $500B App-Store Industry Hit ‘A Wall Of Large Numbers’ Or A Regulatory Barrier?
Changes are expected to unfold over several years and both tech behemoths may still comply with legal requirements in ways that do not significantly impact revenue.
