Published in Transportation

Foxconn releases three electric car prototypes

by on18 October 2021

Keen to drive away from Apple dependence 

Foxconn unveiled its first three electric vehicle prototypes, which are being seen as part of its ambitious plans to diversify away from its role of building consumer electronics for Apple.

The vehicles - an SUV, a sedan and a bus - were made by Foxtron, a joint venture between Foxconn and Taiwanese car maker Yulon Motor.

Foxtron Vice Chairman Tso Chi-sen told reporters that electric vehicles would be worth a trillion Taiwan dollars to Foxconn in five years - a figure equivalent to around $35 billion.

Foxconn, formally called Hon Hai Precision Industry, aims to become a significant player in the global EV market and has clinched deals with US startup Fisker and Thailand’s energy group PTT.

 Foxconn Chairman Liu Young-way told the event timed to mark the birthday of the company’s billionaire founder Terry Gou that Hon Hai is ready and no longer the new kid in town.

Gou drove the sedan, which was jointly developed with Italian design firm Pininfarina, onto the stage to the tune of “Happy Birthday”.

The sedan will be sold by an unspecified carmaker outside Taiwan in the coming years, while the SUV will be sold under one of Yulon’s brands and is scheduled to hit the market in Taiwan in 2023.

The bus, which will carry a Foxtron badge, will start running in several cities in southern Taiwan next year in a partnership with a local transportation service provider.

Foxconn this month bought a factory from US startup Lordstown Motors Corp (RIDE.O) to make electric cars. In August, it bought a chip plant in Taiwan to supply future demand for auto chips.

Foxconn has set a target to provide components or services for 10 per cent of the world’s EVs by between 2025 and 2027.

Last modified on 18 October 2021
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