Foxconn hires ex-Nidec CEO to steer its fledgling EV arm

FOXCONN Technology named Jun Seki – the former chief executive officer of motor manufacturing company Nidec – as the chief strategy officer of its electric-vehicle (EV) venture. This marks the first high-profile hire for a business that the iPhone-maker hopes will carve out new markets.

Seki, who left Nidec last year after company founder Shigenobu Nagamori removed him as chief executive officer, is expected to help drive one of Foxconn’s newest priorities. The Taiwanese firm accelerated its push into the auto industry over the past year by acquiring a pick-up assembly plant from embattled Lordstown Motors, and showcased several prototypes. But it had not made any prominent hires before announcing the 61-year-old Seki’s appointment on Monday (Jan 30).

Foxconn has been bolstering efforts to secure new revenue after grappling with thin margins and unprecedented Covid-induced challenges in China, including a violent protest at its main iPhone assembly site. The Taiwanese company is expecting its EV business to start contributing meaningful revenue this year, and has targeted market share of 5 per cent by 2025. 

“Foxconn will lean on Mr Seki to help operate the group’s EV sites in the Americas, Asia and the Middle East,” the company said.

Seki spent fewer than three years at Nidec, the world’s biggest manufacturer of electric motors. He was demoted in 2022, after Nagamori blamed him for the Japanese company’s poor performance. Seki has decades of experience in the auto industry, including with Nissan and China’s Dongfeng. BLOOMBERG