Taiwan's Foxconn TWSE:2317 will soon announce a second Japanese auto partner, Chairman Young Liu said on Thursday, as the company best known as Apple's main iPhone maker continues its diversification push.
"There are two Japanese automakers; one has already been announced, and the other is almost ready to be," Liu said at the company's annual shareholders meeting, without elaborating.
Foxconn subsidiary Foxtron Vehicle Technologies TWSE:2258 and Japanese automaker Mitsubishi Motors TSE:7211 this month signed a memorandum of understanding for the supply of an electric vehicle model.
Foxconn views partnerships in Japan as a major opportunity for growing its EV business, Jun Seki, the Taiwan contract manufacturer's chief strategy officer for EVs, said at a Tokyo seminar in April.
The Apple NASDAQ:AAPL supplier's interest in working with Japanese car makers comes as they face growing competition from Chinese brands that are aggressively making inroads in markets such as Europe, Brazil and Thailand.
Mitsubishi Motors is a junior partner in the long-standing alliance of Nissan Motor TSE:7201 and French automaker Renault EURONEXT:RNO.
Foxconn has previously said it would consider taking a stake in Nissan for cooperation, as it has ambitions to diversify into EVs. Foxtron, the company's EV joint venture with Yulon, counts Yulon-owned Luxgen as its main client in Taiwan.