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Foxconn announces first electric vehicle prototype

Taipei-

Foxconn technology

2354 -2.97%

The group, the world’s largest contract electronics manufacturer, unveiled three electric vehicle models on Monday. This is one of the most aggressive iPhone assemblers to date in the EV industry.

The prototype is the first car designed by Foxconn in collaboration with a Taiwanese automaker. Rather than selling it as a Foxconn branded vehicle, the company said Foxconn will provide the basic vehicle structure and manufacture the car so that it will be sold under other car brands.

Taiwan-based Foxconn, officially

Hon Hai Precision Industry Ltd

2317 -1.83%

Is deeply involved in the automobile industry Aiming to diversify our business Beyond

Apple Ltd

The best known product it makes.Is set to Buy a US car factory.. Has partnered with an automobile manufacturer to introduce an electric vehicle chassis that can be used in the design of electric vehicles.

“Hon Hai is ready and no longer a new child in town,” Young Liu said at an event on Monday.

The Foxconn-designed sedan can run up to about 470 miles on a single battery charge, the company said.


Photo:

I-Hwa Cheng / Bloomberg News

Foxconn EV prototype arrives as Apple Considering the production of private cars.. Analysts say Foxconn’s existing relationship with Apple and its supply chain know-how could give it an edge in securing Apple’s automotive manufacturing business. Foxconn previously refused to comment on Apple’s car trading potential and didn’t mention it on Monday.

Foxconn exhibited electric sedans, SUVs and buses. The commercialized vehicle will be manufactured through a Foxconn joint venture.

Yulon Automobile Ltd

One of Taiwan’s largest automakers, best known for building Nissan car brand vehicle models under license.

Yulon Automobile said it was the first time to use Foxconn’s product platform to build a car under its brand. Foxconn has not yet announced other car clients for this vehicle.

The Foxconn-designed sedan can travel from 0 to 60 mph in 2.8 seconds and up to about 470 mph on a single battery charge, the company said.

Foxconn has already found a European car brand that sells sedans by that name in the coming years, according to people familiar with the matter.

For SUVs, Foxconn said its first client will sell the vehicle in 2023 with a price tag of less than $ 36,000. He added that the bus will operate in Taiwan next year.

Foxconn shouldn’t be content with manufacturing other brands and making small profits, Liu said.

Electric truck maker Rivian plans to launch it in the fall, seeking a tens of billions of dollars in valuation. But why are investors excited about this IPO? And what makes it different from other EV startups? George Downs of the WSJ explains.Illustration: George Downs

Over the past year, Foxconn has announced a series of partnerships and acquisitions, but recently signed an agreement to purchase an Ohio plant from an electric truck manufacturer.

Lordstown Motors Ltd

With the purchase, Foxconn will also manufacture Rosetown vehicles at facilities, including its debut pickup truck, Rosetown said.

Earlier this year Foxconn said that Assemble over 250,000 vehicles A year in the US for Los Angeles-based EV startups

Fisker Ltd,

Started in the second half of 2023. The Taiwanese company has also announced collaborations with other automakers.

Stellantis

Geely Holding Group in Nevada and China.

August, Foxconn Buy a chip factory in Taiwan As a result, 6-inch wafers used in automobiles will be manufactured for $ 91 million and will be used for small-scale production and research and development.

Write in Stephanie Yang stephanie.yang@wsj.com And Yang Jie jie.yang@wsj.com

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Foxconn announces first electric vehicle prototype

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