“Iron Lady” Vivian Shun-wen Wu (吳舜文), a legend in Taiwan’s motor industry and one of the nation’s wealthiest women, has died of heart and lung failure at the age of 95, her family said yesterday.
The former Yulon Group (裕隆集團) chairwoman passed away at 3:35pm on Saturday at the Veterans General Hospital in Taipei, her family said, and is survived by son Kenneth Yen (嚴凱泰), daughter-in-law Chen Li-lien (陳莉蓮) and granddaughter Michelle.
Born in China’s Jiangsu Province, Wu and her husband Yen Ching-ling (嚴慶齡) moved to Taiwan in 1948.
The couple founded Tai Yuen Textile Co (台元紡織), which under her management fast developed into the nation’s leading textile company, cashing in on Taiwan’s export booms in the 1960s and 1980s.
In 1953, Yen Ching-ling founded the Yue Loong (裕隆) motor company, which began assembling cars under Nissan’s license in the 1960s. There was speculation after he died in 1981 that the company might fold.
But Wu acquired the nickname “Iron Lady” for her tenacity after the carmaker in 1986 successfully rolled out the nation’s first locally designed sedan in a six-year project at a cost of NT$4.5 billion (US$146 million).
The company, which changed its logo and name to Yulon in 1992, continued to thrive and expand.
A venture with Nissan, Yulon Nissan Motor Co (裕隆日產) promotes Nissan-branded cars in Taiwan and other Asian markets.
Yulon has also invested in an automaker in China and set up a joint venture with the US’ General Motors Corp to sell and assemble GM models in Taiwan.
Kenneth Yen took over as chairman of the company last year from his mother and the business spread to industries including textiles, electronics and construction.
HANDOVER POLICY: Approving the probe means that the new US administration of Donald Trump is likely to have the option to impose trade restrictions on China US President Joe Biden’s administration is set to initiate a trade investigation into Chinese semiconductors in the coming days as part of a push to reduce reliance on a technology that US officials believe poses national security risks. The probe could result in tariffs or other measures to restrict imports on older-model semiconductors and the products containing them, including medical devices, vehicles, smartphones and weaponry, people familiar with the matter said. The investigation examining so-called foundational chips could take months to conclude, meaning that any reaction to the findings would be left to the discretion of US president-elect Donald Trump’s incoming team. Biden
INVESTMENT: Jun Seki, chief strategy officer for Hon Hai’s EV arm, and his team are currently in talks in France with Renault, Nissan’s 36 percent shareholder Hon Hai Precision Industry Co (鴻海精密), the iPhone maker known as Foxconn Technology Group (富士康科技集團) internationally, is in talks with Nissan Motor Co’s biggest shareholder Renault SA about its willingness to sell its shares in the Japanese automaker, the Central News Agency (CNA) said, citing people it did not identify. Nissan and fellow Japanese automaker, Honda Motor Co, are exploring a merger that would create a rival to Toyota Motor Corp in Japan and better position the combined company to face competitive challenges around the world, people familiar with the matter said on Wednesday. However, one potential spanner in the works is
HON HAI LURKS: The ‘Nikkei’ reported that Foxconn’s interest in Nissan accelerated the Honda-merger effort out of fears it might be taken over by the Taiwanese firm Nissan Motor Co has become the latest buyout target in Japan as it explores a merger with Honda Motor Co and faces an overture from Hon Hai Precision Industry Co (鴻海精密), known as Foxconn Technology Group (富士康科技集團) internationally. Shares in Nissan yesterday jumped 24 percent, the most on record, to hit the daily limit, after the two Japanese automakers acknowledged that talks are ongoing to better position themselves for competitive challenges during a time of upheaval in the global auto industry. Foxconn — a Taipei-based manufacturer of iPhones, which has been investing heavily in factories to build electric vehicles — has also
CHIP SUBSIDY: The US funding would help alleviate the financial pressure from building two fabs in the US and should lift gross margins in 2026, the company said GlobalWafers Co (環球晶圓), the world’s third-largest silicon wafer supplier, yesterday said it is to receive US$406 million in subsidies from the US Department of Commerce for two new US fabs under the CHIPS and Science Act, with the first batch of the funds likely coming next year. The grant represents 10 percent of the planned investments of US$4 billion in advanced semiconductor wafer manufacturing facilities in Texas and Missouri, GlobalWafers said. The commerce department is to disburse the funds based on the completion of project milestones over a multiyear timeframe, the company said. Along with the tax credit, which is equal to
RSS