Just days after reports emerged that iPhone-maker Foxconn had secured a deal with Mitsubishi to supply its EVs for the Australian market, the Taiwanese electronics giant appears to be pitching itself to another ailing Japanese automaker.
In an exclusive interview with Nikkei Asia earlier this week, Foxconn’s Chief Strategy Officer for Electric Vehicles, Jun Seki, expressed his interest in supplying EVs for Nissan, which is, coincidentally, his old employer.
Seki left his role as Vice Chief Operating Officer of Nissan in 2019 after three decades in the role, but wants to work with the brand once again to build EVs on its behalf in Japan, a market long deemed inaccessible to foreign automakers.
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Despite a lack of tariffs, Japanese manufacturers make up an overwhelming majority of vehicle sales in the country due to a strong sense of national pride, derived from the industry's reputation of building high-quality, reliable and affordable cars.
Already Seki said the initial response in Japan to the Taiwanese company’s ambitions “was seen with suspicious eyes”. He compared the image of Foxconn in the country to that of “an invader, a pirate or Darth Vader in the movie 'Star Wars.’”
But that could be about to change as emerging Chinese brands increasingly erode Nissan’s sales in crucial overseas markets, particularly in the field of electric and plug-in hybrid vehicles.
Nissan has been caught off guard by China’s automotive industrial growth, which some have blamed on its ageing product line-up and not enough investment in hybrid and electric vehicles.
The brand’s operating profits fell a staggering 90 per cent in the first half of last year, while net income fell a further 94 per cent due to increasing challenges in the US, Chinese and European markets.
It has since forced the brand into a major restructure, leading to the resignation of CEO Makoto Uchida, a projected 9000 global job cuts and a 20 per cent reduction in global production capacity.
The brand’s incoming CEO, Ivan Espinosa, told London-based Reuters he wants to introduce five to six more brand-oriented models with electric and hybrid powertrains, while slashing product development times from 55 to 37 months.
"We are slow. This is one of the things we have to face,” said Espinosa.
In Australia, Nissan sells just three hybrid models but no longer an electric vehicle after it discontinued the Nissan Leaf.
Chinese newcomer BYD, on the other hand, sells four electric models and two plug-in hybrid models, with several more earmarked for the Australian market in the not-too-distant future.
Foxconn, meanwhile, has six electric models in its catalogue that are seemingly ready to go for Nissan to rebadge. They include the Model B, a small electric SUV with 500km of range, the Model C, a Tesla Model Y-sized electric medium SUV, and the Model V ute.
They also extended to buses, vans and other commercial vehicles.
It serves as a viable solution for Nissan as the brand aims to boost its competitiveness on the global market. For Foxconn, though, winning over the approval of the Japanese market will be another major hurdle in itself.
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