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Foxconn unveils 3 electric vehicle prototypes

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On January 31, 2019, the Foxconn logo was displayed in Taipei at a Foxconn facility.

AFP – Getty Images| AFP | Getty Images

Taiwan’s FoxconnThe company’s first three prototypes for an electric car were unveiled Monday. It illustrates its ambition to shift away from the role it plays in creating consumer electronics. AppleOther technology firms.

Foxtron is a partnership between Foxconn Motor and Yulon Motor, Taiwan, to produce the three vehicles: an SUV and sedan as well as a bus.

Tso Chi Chisen, Foxtron vice chairman, told reporters that he hoped electric vehicle sales would reach a trillion Taiwan dollar to Foxconn over five years. This figure is equivalent to about $35 billion.

Originally known as Hon Hai Precision Industry the biggest electronic contract manufacturer is determined to make a mark in the global EV market, even though the company admits that its car business is still new.

It first mentioned its EV ambitions in November 2019It has been quite quick, with this year’s announcement of deals to construct cars with U.S.-based start-ups Fisker and Thailand’s energy group PTT

Foxconn chairman Liu Young-way stated that “Hon Hai” is now ready, and not the “new kid on the block”. The event was timed to celebrate the birth of Terry Gou (a billionaire founder of Foxconn), who drove his sedan to the stage to “Happy Birthday”.

Pininfarina and the Italian design company Pininfarina jointly designed the sedan. The SUV will go to a Taiwanese carmaker in the future.

A partnership will see the bus carrying a Foxtron badge run in various cities across southern Taiwan in next year’s transportation services provider.

Kylie Huang from Daiwa Capital Markets, tech analyst for Foxconn said “So far Foxconn’s made some pretty good progress.”

Foxconn set a new goal of contributing components or services to 10% of all world’s electric vehicles by 2025, 2027.

It purchased a plant from Lordstown Motors Corp in the United States to produce electric cars. The company bought a Taiwanese chip plant to supply future automotive chips.

The successful entry of contract assemblers to the auto industry could bring in many new players, and even undermine traditional car company business models. Chinese automaker Geely this year also laid out plansBecoming a significant contract manufacturer.

Watchers in the industry are looking closely for signs of who might be building Apple’s electric vehicle. Sources have stated that Apple wants to release a car in 2024. However, Apple has yet not revealed specific plans.

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