Foxconn aims to manufacture EVs in Europe, India and Latin America

TAIPEI — Taiwanese tech giant Foxconn I’m thinking of making Electric car (EV) In Europe, India and Latin America, Liu Young-way said Wednesday, including working “indirectly” with German automakers.

Officially known as Hon Hai Precision Industry Co Ltd, Foxconn aims to become a major player in the global EV market and has signed contracts with US start-ups. Fisker Inc and Thai energy group PTTPCL.

Liu, who told reporters at the Taipei Business Forum after announcing three EV prototypes on Monday, said he could not provide details of plans for Europe, India and Latin America due to disclosure restrictions.

“Europe will be a little faster, I agree with that, but where I can’t tell you,” he said.

Asked if he would work with a German car company, he said “indirectly” that the timelines were first in Europe, then in India and Latin America, and Mexico was “very possible”. Added.

Mr. Liu previously mentioned Mexico as a potential EV production base.

He said he plans to use the build, operations, and localization that Foxconn calls the BOL model. Invest with partners to build and operate local factories and sell to local consumers.

May, Foxconn and car maker Stellantis Announce plan Establish a joint venture to supply in-vehicle technology and connected car technology to the entire automobile industry.

This month’s Foxconn I bought a factory From a US startup Lordstown Motors Company to make Electric car.. In August, we acquired a chip factory in Taiwan to supply future demand for autochips.

Foxconn, the best-known manufacturer of iPhones for Apple Inc, has set a goal of providing components or services to 10% of the world’s EVs between 2025 and 2027. It aims to diversify revenue sources from contracted electronics manufacturers.

Liu said earlier in the same forum that Taiwan had a natural advantage in EV manufacturing due to its existing strengths in software and semiconductors.

“These are the advantages and strengths that Taiwan has cultivated over the years.”

Foxconn’s share price rose 0.5% on Wednesday, outpacing a 0.1% decline in the broader market.

It has increased by almost 17% since the beginning of this year.

(Report by Ben Blanchard, edited by Christopher Cushing, Sam Holmes, Kim Coghill)

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Foxconn aims to manufacture EVs in Europe, India and Latin America

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