Foxconn rescued Sharp in 2016 with a promise to turn it around. Sharp’s surprise $1.6 bln writedown casts doubt on the Taiwanese group’s grip on its investment and its ability to strike other deals, says mak_robyn
The Taiwanese company’s relationship with its Japanese offshoot is also opaque. Sharp's latest financial woes stem from a display subsidiary it acquired last year. Some Japanese board members opposed the deal but were ultimately overruled by Foxconn, Nikkeion May 11, citing sources. The troubled unit was once a joint venture between Sharp, Foxconn and an entity tied to Gou.
Foxconn insists that it does not have a majority vote in the Japanese company, which operates independently. Yet filings show that as of March 2022, Foxconn and its affiliated companies held a combined 52.6% stake, though that has probably come down since. The Sharp mess is more than a historical embarrassment, as Foxconn is now boldly diversifying into electric vehicles. Boss Liu Young-way, who took over from Gou in 2019, has been striking deals and partnerships in the United States, Thailand and elsewhere in a bid to become a manufacturer of cars, as well as the chips and batteries that go into them, for global automakers. One of those deals is already souring. Last November, Foxconn agreed to buy a near-20% stake in U.S.
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