Taiwanese tech giant Foxconn unveiled its first three prototype electric vehicles on Monday, highlighting ambitious plans to diversify its role in consumer electronics for Apple Inc and other tech firms.
The vehicles – SUV, sedan and bus – are branded by Foxtron, a joint venture between Foxconn and Taiwanese automaker Yulon Motor Co Ltd. Foxtron vice chairman Tso Chi-sen told reporters that in five years time, electric vehicles will cost Foxconn a trillion Taiwanese dollars – a figure equivalent to roughly $ 35 billion.
Foxconn, officially Hon Hai Precision Industry Co Ltd, aims to become a major player in the global electric vehicle market and has entered into deals with US startup Fisker Inc and Thai energy group PTT PCL.
Hon Hai is ready and no longer a newcomer to the city, ”said Foxconn chairman Liu Yangwei at an event marking the birthday of billionaire founder Terry Gou.
Gow brought the sedan, which was co-developed with Italian design firm Pininfarina, to the stage, to the tune of “Happy Birthday.”
In the coming years, the sedan will be sold by an unspecified automaker outside of Taiwan, and the SUV will be sold under one of the Yulon brands and will enter the Taiwan market in 2023.
A bus with the Foxtron badge will start operating in several cities in southern Taiwan next year in partnership with a local transportation provider.
This month, Foxconn bought an electric car plant from US startup Lordstown Motors Corp. In August, it bought a chip factory in Taiwan to meet future demand for automotive chips. Foxconn has also set a goal to provide components or services for 10% of the world’s electric vehicles by 2025–2027.