Foxconn aims to become a major player in the global EV market and has inked deals with US startup Fisker Inc. and Thailand-based energy conglomerate PTT PCL.
see photosFoxconn this month bought a factory to make electric cars from US startup Lordstown Motors Corp.
Taiwanese tech giant Foxconn is looking to build electric vehicles (EVs) in Europe, India and Latin America, including collaborating with German automakers “indirectly”, chairman Liu Young-wei said on Wednesday.
Foxconn, formally known as Hon Hai Precision Industry Co Ltd, aims to become a major player in the global EV market and has struck deals with US startup Fisker Inc. and Thailand-based energy conglomerate PTT PCL.
Speaking to reporters at a business forum in Taipei after unveiling three EV prototypes on Monday, Liu said he could not give any details of his plans for Europe, India and Latin America due to disclosure restrictions.
“Europe will be a little faster, I agree. But where, I can’t tell you,” he said.
Asked whether they would collaborate with German car firms, they said “indirectly”, adding that the timeline would be Europe first, then India and Latin America, adding that Mexico was “very possible”.
Read also: Foxconn Is Bullish On Electric Vehicle Prospects As It Shows Off Three Prototypes
Foxconn aims to provide components or services for 10% of the world’s EVs between 2025 and 2027.
Liu has previously mentioned Mexico as a potential EV production site.
They said they would use Foxconn as their BOL model, which means Build, Operate and Localize – investing with partners to build and operate local factories and then sell to local consumers.
In May, Foxconn and carmaker Stelantis announced plans to form a joint venture to supply in-car and connected-car technologies to the auto industry.
Foxconn this month bought a factory to make electric cars from US startup Lordstown Motors Corp. In August, it bought a chip plant in Taiwan to meet future demand for auto chips.
Foxconn, known for making iPhones for Apple Inc., aims to provide components or services for 10% of the world’s EVs between 2025 and 2027, as it seeks to diversify revenue streams from being a contract electronics manufacturer. Looks.
Liu, speaking on the same forum earlier, said that Taiwan had a natural edge when it comes to making EVs, given its current strengths in software and semiconductors.
“These are the advantages that Taiwan has cultivated for many years and is the best.”
Foxconn shares closed up 0.5% on Wednesday, compared with a 0.1% decline in the broader market.
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They are up about 17% from the start of the year.
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