Apple iPhone maker Foxconn now wants to make electric vehicles

Taiwanese company Foxconn on Monday unveiled its first three prototype electric vehicles, highlighting ambitious diversification plans that go far beyond its role in manufacturing electronics for Apple Inc. and other technology firms.

The vehicles – SUVs, sedans and buses – are made by Foxtron, a venture between Foxconn and Taiwanese carmaker Yulon Motor Co., Ltd.

Foxtron’s vice president Tso Chi-sen told reporters he expects electric vehicles to cost Foxconn a trillion Taiwan dollars in five years — a figure roughly equivalent to $35 billion.

Formally called Hon Hai Precision Industry Co., Ltd., the world’s largest manufacturer of electronics contracts aims to become a major player in the global EV market, although it admits to beginning in the automotive industry.

He first mentioned his EU ambitions in November 2019 and moved relatively quickly, this year with US startup Fisker Inc. and announced car deals with Thai energy group PTT Pcl.

“Hon Hai is ready and no longer the new kid in town,” Foxconn President Liu Yangwei said at an event to mark the birthday of the company’s founder, billionaire Terry Gou. Happy Birthday “.

The sedan, which was jointly developed with Italian design firm Pininfarina, will be sold by an unspecified automaker outside of Taiwan in the coming years, while the SUV will be sold under one of Yulon’s brands and in the Taiwanese market in 2023. should come in. Year.

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 a lot of progress so far,” said Kylie Huang, a technology analyst at Daiwa Capital Markets.

Foxconn aims to provide components or services for 10% of the world’s electric vehicles by 2025 and 2027.

This month it bought a factory from American startup Lordstown Motors Corp to produce electric cars. In August, it bought a chip factory in Taiwan to meet future demand for automotive chips.

Apple iPhone maker Foxconn now wants to make electric vehicles

Successful pressure on contractors in the automotive industry has the potential to bring in many new players and undermine the business models of traditional car companies. Chinese carmaker Gili also plans to become a major contract manufacturer this year.

Industry watchers are eyeing clues as to which companies might make Apple’s electric cars. Although 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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