Foxconn Technology Group, Apple Inc.'s primary iPhone manufacturer, confirmed Wednesday it would consider acquiring Renault's stake in Nissan Motor Co. as part of a broader strategy to expand its electric vehicle manufacturing business.

Nissan Motor Co. (TYO:7201) saw its shares drop 6.8% to 412.4 yen on Wednesday after Foxconn (SS:601138) Chairman Young Liu clarified that the electronics giant was pursuing a partnership with Nissan,

Taiwan's Foxconn would consider taking a stake in Nissan for cooperation, its chairman said, as the Japanese automaker's future hangs in the balance after stepping back from merger talks with Honda. "If cooperation requires it (purchasing Nissan shares),

However, Foxconn could serve as the potential lifeline the company needs, except the Taiwanese electronics maker isn’t interested in acquiring the struggling automaker, which might better jive with Nissan’s needs.