Jan 30, 2023
Foxconn Hires Ex-Nidec CEO to Help Steer its Fledgling EV Arm
(Bloomberg) -- Foxconn Technology Group named former Nidec Corp. boss Jun Seki the chief strategy officer of its electric vehicle venture, making the first high-profile hire for a business the iPhone-maker hopes will carve out new markets.
Seki, who left Nidec last year after company founder Shigenobu Nagamori removed him as CEO, is expected to help drive one of Foxconn’s newest priorities. The Taiwanese firm accelerated its push into automotives over the past year by acquiring a pickup assembly plant from embattled Lordstown Motors Corp. and showcased several prototypes. But it hasn’t made any prominent hires before announcing the 61-year-old Seki’s appointment on Monday.
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 5% market share 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 in a statement.
Read more: Eccentric Billionaire Calls Nidec Succession His Biggest Failure
Seki spent fewer than three years at 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 automobiles, including with Nissan Motor Co. and China’s Dongfeng Motor Co.
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