TAIPEI (Taiwan News) – Foxconn is in talks with France’s Renault to buy its stake in the Japanese carmaker Nissan, according to reports Thursday.

The development follows news the previous day that Nissan had turned away a Foxconn bid to invest. Nissan and its erstwhile rival Honda had also been in talks about a merger.

Foxconn produces products like the iPhone and is the world’s largest contract manufacturer. It is headquartered in New Taipei City’s Tucheng District.

In recent years the company has diversified and moved into segments such as electric vehicles and servers. It had wanted to buy Nissan but was rebuffed.

In response, Channel News Asia said Foxconn's Chief Strategy Officer for EVs Jun Seki, formerly of Nissan, traveled to France for talks with Renault about buying its stake in Nissan.