Foxtron vice chairman Tso Chi-sen told reporters that he expects electric vehicles to cost Foxconn a trillion Taiwan dollars in five years’ time — a figure roughly equivalent to $35 billion.
see photosFoxtron’s vice chairman, Tso Chi-sen, expects EVs to be worth a trillion Taiwan dollars in five years
Taiwan’s Foxconn on Monday unveiled its first three electric vehicle prototypes, outlining ambitious plans for Apple Inc. and other tech firms to diversify away from its role of manufacturing consumer electronics. The vehicles – an SUV, a sedan and a bus – were built by Foxconn, a venture between Foxconn and Taiwanese carmaker Yulon Motor Co., Ltd. Foxtron Vice Chairman Tso Chi-sen told reporters he expected electric vehicles to be worth a trillion Taiwanese. dollars to Foxconn in five years’ time – a figure roughly equivalent to $35 billion.
Formally called Hon Hai Precision Industry Co., Ltd., the world’s largest electronics contract manufacturer aims to become a major player in the global EV market, although it believes it is a novice in the car industry. It first mentioned its EV ambitions in November 2019 and moved relatively quickly, this year announcing deals to build cars with US startup Fisker Inc and Thailand-based energy conglomerate PTT Pcl.
“Man Hai is ready and no longer the new kid in town,” Foxconn chairman Liu Young-wei said at an event to mark the birthday of the company’s billionaire founder Terry Gou. Birthday”.
The sedan is jointly developed with Pininfarina, and will be sold by an unspecified carmaker outside Taiwan in the coming years.
The sedan, which was jointly developed with Italian design firm Pininfarina, will be sold by an unspecified carmaker outside Taiwan in the coming years, while the SUV will be sold under one of Yulon’s brands and in Taiwan in 2023. scheduled to hit the market.
Buses with the Foxtron badge will start operating in several cities in southern Taiwan next year in partnership with a local transportation service provider. “Foxconn has made great progress so far,” said Kylie Huang, technical analyst at Daiwa Capital Markets.
Foxconn also aims to provide components or services for 10% of the world’s EVs between 2025 and 2027. This month it bought a factory from US startup Lordstown Motors Corp to make electric cars. In August it bought a chip plant in Taiwan, aiming to meet future demand for automotive chips.
Foxconn has also set a goal of providing components or services for 10% of the world’s EVs between 2025 and 2027.
A successful push by contract assemblers into the car industry has the potential to bring in many new players and undermine the business models of traditional car companies. Chinese automaker Geely also plans to become a major contract manufacturer this year.
Industry watchers are keeping a close eye on which companies may be building Apple’s electric car. While sources have previously said that the tech giant wants to launch a car by 2024, Apple has not disclosed specific plans.
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