Foxconn bulls on EV outlook as it showcases three prototypes

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Foxtron vice chairman Tso Chi-sen told reporters he hoped the electric vehicles would be worth Foxconn trillion Taiwan dollars in five years, a figure equivalent to around $ 35 billion.



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Foxtron Vice Chairman Tso Chi-sen Hopes EVs to be Worth Trillion Taiwan Dollars in Five Years

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Taiwan’s Foxconn unveiled its first three electric vehicle prototypes on Monday, highlighting ambitious plans to branch out and move away from its role of building consumer electronics for Apple Inc and other tech companies. The vehicles – an SUV, sedan and bus – were manufactured by Foxtron, a company between Foxconn and Taiwanese automaker Yulon Motor Co Ltd. Foxtron vice chairman Tso Chi-sen told reporters he hopes electric vehicles will be worth Taiwan trillion. dollars to Foxconn in five years – a figure equivalent to about $ 35 billion.

Formerly known as Hon Hai Precision Industry Co Ltd, the world’s largest electronics subcontractor aims to become a major player in the global electric vehicle market, although he concedes that he is a novice in the automotive industry. . It first mentioned its ambitions for electric vehicles in November 2019 and moved relatively quickly, this year announcing deals to build cars with U.S. startup Fisker Inc and Thai energy group PTT Pcl.

“Hon Hai is ready and is no longer the new kid on the block,” Foxconn Chairman Liu Young-way said at the event scheduled to mark the birthday of the company’s billionaire founder, Terry. Gou, who drove the sedan on stage to the sound of “Happy Anniversary”.

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The sedan was developed jointly with Pininfarina and will be sold by an unspecified automaker outside of Taiwan in the coming years.

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 is expected to be sold by an unspecified automaker outside of Taiwan. arrive in the Taiwan market in 2023.

The bus, which will wear a Foxtron badge, will begin operating in several cities in southern Taiwan next year in partnership with a local transportation service provider. “Foxconn has made fairly good progress so far,” said Kylie Huang, technical analyst at Daiwa Capital Markets.

Foxconn has also set a goal of providing components or services for 10% of the world’s electric vehicles by 2025 to 2027. This month, it bought a plant from US startup Lordstown Motors Corp to manufacture electric cars. In August, it bought a chip factory in Taiwan, in an effort to meet future demand for automotive chips.

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Foxconn has also set itself a target of providing components or services for 10% of the world’s electric vehicles by 2025 to 2027.

A successful push for subcontractors in the automotive industry has the potential to attract a multitude of new players and undermine the business models of traditional automakers. Chinese automaker Geely also presented plans this year to become a major contract manufacturer.

Industry watchers are watching closely for clues about which companies may be building Apple’s electric car. While sources previously said the tech giant wants to launch a car by 2024, Apple has not disclosed specific plans.

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(This story was not edited by NDTV staff and is auto-generated from a syndicated feed.)

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