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

Foxconn Chairman Liu Young-Way previously mentioned Mexico as a possible EV production site.

By Reuters | Updated: 20 October 2021 17:16 IST

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

Foxconn's shares closed up 0.5 percent on Wednesday, outperforming a 0.1 percent fall

Highlights

Foxconn and carmaker Stellantis announced plan to create a joint venture
Foxconn this month bought a factory from US startup Lordstown Motors
Foxconn is best known for making iPhone devices for Apple

Taiwan tech giant Foxconn is looking at making electric vehicles (EVs) in Europe, India, and Latin America, including "indirectly" cooperating with German automakers, Chairman Liu Young-way said on Wednesday.

Foxconn, formally called Hon Hai Precision Industry, aims to become a major player in the global EV market and has clinched deals with US startup 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 that due to disclosure restrictions he couldn't provide any details of its plans for Europe, India and Latin America.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

"Europe will be a bit faster, I agree with that. But as to where, I can't tell you," he said.

Asked if they would be cooperating with German car firms he said "indirectly", saying the timeline would be Europe first, then India and Latin America, adding that Mexico was "very possible".

Liu has previously mentioned Mexico as a possible EV production site.

Taiwanese iPhone Supplier Announces Entry into Electric Vehicle Market

He said they would be using what Foxconn refers to as its BOL model, meaning Build, Operate, and Localise - 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 create a joint venture to supply in-car and connected-car technologies across the auto industry.

Foxconn this month bought a factory from US startup Lordstown Motors to make electric cars. In August it bought a chip plant in Taiwan in a move to supply future demand for auto chips.

Foxconn, best known for making iPhone devices for Apple, has set a target to provide components or services for 10 percent of the world's EVs by between 2025 and 2027, as it looks to diversify revenue streams away from being a contract electronics maker.

Liu, speaking earlier at the same forum, said Taiwan had a natural edge when it came to making EVs because of its existing strength in software and semiconductors.

"These are the advantages that Taiwan has cultivated for many years and is best at."

Foxconn's shares closed up 0.5 percent on Wednesday, outperforming a 0.1 percent fall on the broader market.

They are up almost 17 percent since the start of the year.

Realme India CEO Madhav Sheth joins Orbital, the Gadgets 360 podcast for an exclusive wide-ranging interview, as he talks about the 5G push, Make in India, Realme GT series and Book Slim, and how stores can improve their standing. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.