TOKYO — The Taiwan-based manufacturer of iPhones better known as Foxconn is reportedly close to making an electric vehicle deal with two Japanese companies, amid swriling speculation about a possible tie-up with Nissan Motor Co. or Honda Motor Co. following their failed merger talks.

Hon Hai Precision Industry Co., as the company is officially called, could sign the deals within two months, Chairman Young Liu said March 14, according to the Taiwan Central News Agency.

Speaking at the company’s earnings announcement, where Foxconn reported record-high net income for the 2024 fiscal year, Liu said its new Japanese customers would work with Foxconn through contract design and manufacturing services to develop electric vehicles, according to the report.

Liu did not identify the companies. Spokespeople from Nissan and Honda declined to comment on the report, while calls to Foxconn public relations went unanswered.

News of a Foxconn tie-up in Japan comes amid mounting reports that the Taiwanese company is interested in partnering with Nissan and possibly even a combination of Nissan, Honda and others. The March 11 appointment of Ivan Espinosa as the new CEO of Nissan could also clear the way for Nissan to re-engage with Honda or start new negotiations with other possible partners.

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Liu told reporters on Feb. 12 that his company is interested in partnering with Nissan but not acquiring the company. Later that month, after Nissan and Honda ended negotiations about a possible merger of the two automakers, Foxconn reportedly proposed a four-way alliance, teaming the Taiwanese tech firm with Nissan, Honda and Japan’s Mitsubishi Motors Corp.

Some Nissan board members are open to partnering with Foxconn, though people familiar with Nissan’s planning say there have not yet been formal talks between the companies.

Some Nissan directors feel Nissan could benefit more from a tie-up with a player outside the traditional auto industry that could bring fresh technology and money.

Foxconn wants to start U.S. auto production

At this month’s financials announcement, Liu also said Foxconn wants to start North American production of its Model C electric crossover in the fourth quarter of 2025, the Taiwan Central News Agency said. Because of escalating U.S. tariffs, Liu said he wants to expand Foxconn’s U.S. production base.

Liu also said Foxconn is also working with automakers in the Middle East on EV software design including smart cabin development, the report said.

Analysts often champion a tech partner for financially troubled Nissan, and Foxconn’s name sometimes pops up as a candidate, partly because Seki is a former Nissan COO.

In 2023, Foxconn hired Seki as its chief strategy officer for EVs. Seki was a member of the original leadership team of outgoing Nissan CEO Makoto Uchida in 2019.

But Seki left Nissan just weeks into the job to become CEO of Nidec Corp., a Japanese producer of electric motors. The prospect of his return to Nissan is a lightning rod issue with some executives there, who say he abandoned ship.

Foxconn has signed a slew of automotive agreements in recent years as it builds inroads into the industry. It has taken 50 percent stakes in ZF Group’s axle system assembly unit and in the German supplier’s chassis modules business. It formed a 50-50 joint venture with Stellantis to design and sell automotive semiconductors starting in 2026. Foxconn also has a deal with the German chipmaker Infineon to co-develop advanced silicon carbide semiconductors for EVs.

Foxconn already has division making EVs

Foxconn also has a line of proposed EVs, including a Model B hatchback, Model V pickup and Model N van. Under Foxconn’s wings, Sharp is also looking to break into EVs and has developed its own concept vehicles based on the EV platform developed by Hon Hai.

Still, Foxconn’s parlays into automotive territory have mostly been on the fringes.

It penned a manufacturing deal with Monarch Tractor, an American all-electric, autonomous driving tractor company. And it has a joint venture with Saudi Arabia’s Public Investment Fund to design, manufacture and sell the Middle Eastern kingdom’s first auto brand, a marque called Ceer.

In the U.S., however, it was a center of controversy in the failed attempt by Lordstown Motors Corp. to build electric pickup trucks at the ill-fated startup’s former General Motors plant in Ohio.

Lordstown filed for bankruptcy in 2023 after failing to resolve a dispute with Foxconn over an investment Lordstown says it was promised to jointly develop an EV platform.