Foxconn, which has earned a global name for itself as a contract manufacturer for Apple, is doubling down on its foray into EVs (electric vehicles) that it announced last year.
The Taiwanese company, which has considerable presence in India, had recently announced that it would be setting up an EVs factory here. And the company confirmed that during a news conference yesterday.
"Foxconn has plans to build EV factories in Europe, India and either North or South America by 2024. The plan would involve partnering with local governments or government-recommended enterprises," its Chairman Young Liu said.
It is learnt that Foxconn is talking with various State governments in India and exploring for the location to set up its EVs plant, most likely with a local partner.
Liu's main announcement for the day was, however, that his company will manufacture battery packs and cells for the first time at new facilities in southern Taiwan.
A report in Nikkei Asia also noted that the Taiwanese giant’s plan is to build factories for battery packs, cells and energy storage systems, as well as for the design and assembly of electric buses in Kaohsiung.
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Foxconn is up and running with its EVs plan
Foxconn is planning a complete ecosystem for electric vehicles in Taiwan with an eye on exporting those solutions to other countries totally.
Foxconn already has running EV agreements with partners ranging from Lordstown Motors Corporation and Fisker in the United States to Thailand’s state-owned oil company PTT Public to xarmaker Stellantis to Taiwan's battery maker Gogoro.
Foxconn has also unveiled prototypes of electric vehicles developed by Foxtron Vehicles Technologies -- a joint venture between Hon Hai Group and Yulon Motor - Model C (a sport utility vehicle,), Model E (a luxury sedan) and Model T (a bus).
Foxconn has set itself a goal of capturing at least 5% share of the global electric vehicle market by 2025 and aiming to generate $30 billion in EV sales.
Before the company took the formal leap into the EV space, it had kept itself busy by supplying electronics to many traditional and electric carmakers like Tesla and BMW. It had been engaged in the development and supply of products ranging from dashboard displays to printed circuit boards plus a host of mechanical and plastic parts.
Yesterday, Foxtron Vehicle Technologies, a subsidiary of Hon Hai, also known as Foxconn internationally, delivered its first electric bus based on the Model T prototype.
The design and production of Model T took place in Taiwan, and more than 65% of spare parts and accessories for the buses are provided by members of the MIH Consortium -- an alliance initiated by Foxconn in 2020 to promote open standards for electric vehicles -- and other Taiwanese suppliers.
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