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Foxconn eyes Japan for electric vehicle growth, seeks partnerships

Economic Times

Economic Times · 4m ago

Foxconn eyes Japan for electric vehicle growth, seeks partnerships

Taiwan's Foxconn is targeting Japan to expand its electric vehicle (EV) operations and aims to form partnerships with Japanese companies. As global automakers face competition from Chinese brands expanding in battery-powered vehicles, Foxconn plans to collaborate with manufacturers like Nissan, Honda, and Mitsubishi. The company, focusing on business-to-business services, intends to introduce electric and microbuses in Japan by 2027 and is finalizing a deal to supply EVs to Mitsubishi, enhancing its presence in the Japanese market.

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ZF Commercial Vehicle eyes a strong growth curve aided by new regulations and e-mobility

Thehindubusinessline

Thehindubusinessline · 1y ago

ZF Commercial Vehicle eyes a strong growth curve aided by new regulations and e-mobility

ZF Commercial Vehicle Control Systems India Ltd, a subsidiary of the German auto parts supplier ZF Group, expects sustained double-digit growth driven by new regulations and the adoption of electric mobility. The company recently inaugurated a new factory in Chennai, which will produce advanced technology products such as electric vehicle aggregates and electronic braking systems for the Indian and global markets. ZF India aims to tap into the growing automotive market, leverage the availability of skilled engineers for R&D operations, and serve overseas customers with India-manufactured products. Additionally, the shift to electric mobility is creating demand for safety-related components like electronic stability control systems and electric compressors. The company seeks to capitalize on opportunities in the commercial vehicle segment as well as the fast-growing SUV segment in India. In FY23, ZF Commercial Vehicle Control Systems recorded a revenue of ₹3,445 crore.

Foxconn says execs from Nvidia, Google, BMW will speak at its annual forum

Economic Times

Economic Times · 10m ago

Foxconn says execs from Nvidia, Google, BMW will speak at its annual forum

- Foxconn to host annual tech day forum next week, with executives from companies like Nvidia, Google, and BMW speaking. - Nvidia CEO Jensen Huang made an appearance last year to announce a partnership with Foxconn for building AI factories. - Executives will discuss topics such as artificial intelligence, electric vehicles, and digital health management. - Two new electric vehicle models will be unveiled at the event. - Foxconn aims to replicate its success in assembling electronics as it expands into making electric vehicles.

What’s on Foxconn’s plate this year? up to 30 million apples

Economic Times

Economic Times · 4m ago

What’s on Foxconn’s plate this year? up to 30 million apples

Foxconn plans to significantly increase its iPhone production in India, aiming for 25-30 million units, more than double its previous output. This expansion is in line with Apple's strategy to diversify its supply chain beyond China. With facilities in Bengaluru and Hyderabad, alongside the existing Sriperumbudur campus, Foxconn seeks to bolster its presence in India. Beyond smartphones, the company aims to delve into sectors like electric vehicles, energy, and digital health, marking its broader growth strategy.

Foxconn founder Terry Gou makes first high profile appearance in months

Reuters · 1y ago

Terry Gou, the billionaire founder of Foxconn, made a public appearance at the company's 50th-anniversary event. Gou, who had recently withdrawn from his bid for Taiwan's presidency, stepped down as the chief of Foxconn in 2019 but remains the largest shareholder. The celebration was held in his honor, with Foxconn's chairman thanking long-time customers and suppliers for their support. Foxconn is now looking to expand into electric vehicle manufacturing, and some guests were taken to the event in a Foxconn-developed electric car.

Mahindra Finance eyes new biz categories for growth

Livemint

Livemint · 1y ago

Mahindra Finance eyes new biz categories for growth

Mahindra Finance plans to form partnerships to enhance its competitiveness with banks due to the escalating cost of funds for non-banking financial companies (NBFCs). The company aims to focus on margins while diversifying its financial services business. It will seek partners for segments such as lending to commercial vehicle fleets and specific passenger vehicle sub-segments, as well as new ventures like payments, insurance, and investments. By leveraging partnerships, Mahindra Finance aims to optimize growth, margins, and asset quality and maintain viability in price-sensitive lending categories.

Nissan considers Foxconn EV output to save Oppama from closure, Nikkei says

Economic Times

Economic Times · 1m ago

Nissan considers Foxconn EV output to save Oppama from closure, Nikkei says

Nissan Motor is discussing a collaboration with Taiwan's Foxconn to produce electric vehicles, potentially saving its Oppama plant in Japan from closure. This move comes amidst Nissan's restructuring plans, which may have targeted the Oppama plant, employing around 3,900 workers, for consolidation. By producing Foxconn-brand EVs, Nissan aims to preserve jobs and supplier networks, according to a report by the Nikkei business daily.

LIC eyes health insurers; Ola Electric secures Rs 100-crore debt

VCCircle

VCCircle · 1y ago

LIC eyes health insurers; Ola Electric secures Rs 100-crore debt

Life Insurance Corporation of India (LIC) is reportedly looking to acquire one of India's private standalone health insurers, as it seeks to establish a presence in the expanding health insurance sector. LIC, which holds a significant market share in life insurance, is said to be looking for strategic investments to tap into the growing demand for health insurance in the country. In another development, Ola Electric, backed by Ola Cabs, has secured INR 100 crore ($13.53m) in debt funding to support its electric vehicle production plans.

SoftBank-backed Netradyne, India’s first unicorn of 2025, eyes profitability by year-end

Economic Times

Economic Times · 3m ago

SoftBank-backed Netradyne, India’s first unicorn of 2025, eyes profitability by year-end

Netradyne, a SoftBank-backed AI-driven fleet safety startup, aims for profitability by 2025-end. With 50% annual growth, it plans global expansion to 15 countries by 2026, including Japan and Spain. Its flagship IoT system enhances vehicle safety, aiming to reduce accidents and insurance costs. Serving over 3,000 global clients like Amazon and Shell, Netradyne has raised $308 million in funding. It focuses on driver control and privacy over autonomous vehicle technology.

Foxconn founder Terry Gou makes first high-profile appearance in months

Economic Times

Economic Times · 1y ago

Terry Gou, the founder of Apple supplier Foxconn, made a public appearance at the company's 50th anniversary celebration after ending his bid for Taiwan's presidency. Gou remains Foxconn's largest shareholder and attended the event alongside other industry leaders such as Apple's COO and SoftBank's CEO. Foxconn, known for manufacturing electronics, is now looking to enter the electric vehicle market.

Reliance Infra Eyes EV Foray, To Make Electric Cars & Batteries

Inc42 · 11m ago

Reliance Infra Eyes EV Foray, To Make Electric Cars & Batteries

Reliance Infrastructure is seeking partnerships, including with Chinese companies, and aims to finalize its plans within the next few months. The company has hired Sanjay Gopalakrishnan, a former executive at BYD India, to advise on its electric vehicle (EV) project. Additionally, external consultants have been engaged to conduct a "cost feasibility" study for establishing an EV plant with an initial production capacity of approximately 250,000 vehicles per year.

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