Asian Tech Press -- Nidec Corp (6594: Tokyo), Japanese electric motor manufacturers, announced on Wednesday it will discuss a joint venture with Taiwan's Foxconn, one of Apple's oldest and largest suppliers, to develop and produce pure electric vehicle (EV) motors, the Nikkei said.

With a further shift to EV business, Nidec plans to raise its operating income to 4 trillion yen by fiscal year 2025 (as of March 2026).

Nidec has already participated in the Hon Hai Group's pure electric vehicle production and development project, the report said. The Japanese firm has set a goal of making 10 million units of EV motors by 2030.

The two parties plan to headquarter the joint venture in Taiwan, which is expected to set up within 2022.