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

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After introducing three EV prototypes recently, Foxconn Technology Group has now set sights on manufacturing its electric vehicles in Latin America, Europe, and India. The Taiwan-based tech giant is planning to “indirectly” collaborate with German automakers to accelerate its EV push.

Confirming the news, Foxconn chairman Liu Young-Way added that the timeline would be Europe first, followed by India and Latin America respectively. Liu also claimed that Mexico could be a potential EV production site for the company.

Foxconn prefers using a BOL (build, operate, and localize) model, which involves investing with partners and operating local facilities, then predominately targeting the local customers, the Chairman added.

It is worth noting here that electric vehicles have only just begun to capture a minor portion of the automotive market. However, the upside of the prospective growth has shown to be tremendous, especially amidst global efforts to reduce carbon footprints and a supportive regulatory outlook for using alternative-fuel vehicles.

This has compelled tech giants including Apple and Sony to venture into EV space since most of the vehicles will be more reliable on wiring, batteries, and programming. Even Foxconn intends to emerge as a prominent player in the EV market and has secured deals with U.S.-based EV maker Fisker Inc. and PTT PCL, Thailand’s energy group.

Foxconn has also recently bought a factory from Lordstown Motors in the U.S. to produce electric cars, while in August, the company purchased a chip plant to cater to the growing automotive chips demand.

Apart from this, the Taiwanese tech giant has also announced plans to enter into a joint venture agreement with Stellantis N.V. to supply connected-car technologies for the automotive industry.

Known for being a major assembler for Apple products, Foxconn intends to offer components or services for at least 10% of the world’s EVs by the year 2027. These initiatives echo the company’s efforts to diversify its revenue streams away from just being an electronics contract manufacturer.

Source Credits –

https://www.thehindubusinessline.com/companies/foxconn-sets-sights-on-ev-manufacture-in-europe-india-latin-america/article37086441.ece