Nidec Corporation announced that the Company has agreed to start discussions on establishing a joint venture (JV) with Hon Hai Technology Group and Foxtron Vehicle Technologies Co. Ltd. of Hon Hai Technology Group in Taiwan. On March 18, 2021, Nidec signed a memorandum of understanding with Foxtron regarding its strategic alliance in the development of electric vehicle (EV) drive systems. Foxtron and Nidec have continued joint development to supply products equipped with Nidecs traction motor system E-Axle for customers all over the world. Moving forward to prepare the productions further, Hon Hai/Foxtron and Nidec have come to consider establishing the JV. The JV aims to ensure a stable supply of traction motors and other automobile motors for Hon Hai/Foxtron, and to expand sales opportunity of new markets and customers for Nidec. Also, the Company expects that the JV will greatly contribute to the business expansion and growth of all companies related to the JV.