Apple Supplier Foxconn Sets Sights on Making Electric Vehicles in India, Europe, Latin America

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.

foxconnFormally called Hon Hai Precision Industry, it aims to be a major player in the global EV market and has struck deals with US startups. fisker and Thailand’s energy group 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”.

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 Stellantis announced a plan 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. In August, it bought a chip plant in Taiwan to meet future demand for auto chips.

Foxconn, best known for making iPhone tools for AppleIt aims to provide components or services for 10 percent of the world’s EVs between 2025 and 2027, as it looks to diversify revenue streams from being a contract electronics manufacturer.

Liu, speaking earlier on the same forum, 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 percent on Wednesday, down 0.1 percent in the broader market.

They are up about 17 percent from the start of the year.

© Thomson Reuters 2021

Realme India CEO Madhav Sheth joins of classHead over to the Gadgets 360 podcast for an exclusive comprehensive interview, as he talks about the 5G push, Make in India, Realme GT series and Book Slim, and how stores can improve their position. orbital is available Spotify, Song, jiosawani, google podcasts, Apple Podcasts, amazon music And wherever you get your podcasts.