Electronics manufacturer Sharp Corp. will create a joint venture with parent company Hon Hai Precision Industry Co. Ltd., or Foxconn, to make cameras for automobiles, Nikkei Asian Review reported Feb. 26, citing people familiar with the matter.

The two parties will reportedly invest ?3 billion into the new company to develop electronic mirrors and automotive cameras with 8K technology. The venture will leverage Sharp's technology as well as Foxconn's mass production skills and sales networks in China, Taiwan and North America.

The parent company will own 51% of the business and Sharp will own 49%, the news site said.

As of Feb. 23, US$1 was equivalent to ?106.64.