Yimou Le

TAIPEI (Reuters). Taiwan’s tech giant Foxconn has unveiled three prototypes of its electric vehicles on Monday. This demonstrates its ambitious plans to divert from the role it plays in building consumer electronics for Apple Inc. (NASDAQ:) or other tech companies.

Foxtron is a joint venture by Foxconn Motor Co Ltd. and Taiwanese auto maker Yulon Motor Co Ltd. The three vehicles were an SUV, a sedan, and a bus.

Tso Chisen (Vice Chairman Foxtron) stated that electric vehicles will be worth a trillion Taiwan dollar to Foxconn over five years, which is roughly $35 billion.

Foxconn (formerly called Hon Hai Precision Industry Co Ltd) aims to be a key player in global EV markets and has signed agreements with U.S. startup Fisker Inc, and Thailand’s energy group PTT PCL.

Foxconn chairman Liu Youngway said that Hon Hai is now ready to play and was no longer the “new kid” in town. The event was held to commemorate Terry Gou, the billionaire founder of Foxconn.

Gou drove the car, jointly designed with Pininfarina in Italy, onto the platform to “Happy Birthday”.

Unspecified automaker will sell the sedan in Taiwan, and the SUV under Yulon. It is expected to be on the Taiwan market by 2023.

In partnership with local transport service providers, the bus will be equipped with a Foxtron badge and will begin running next year in many cities throughout southern Taiwan.

Foxconn bought an American startup Lordstown Motors Corp’s factory to create electric cars. It bought an auto chip plant in Taiwan last August in order to meet future demand.

Foxconn is also aiming to be a supplier of components or services in 10% of all world’s electric vehicles by 2025 and 2027.

($1 = 27.9880 Taiwan dollars)