As Taiwanese global electronics manufacturer Foxconn dives into the electric vehicle realm, developing its own EV and teaming up with American startup Fisker, the company voices its interest in Tesla production.
Taiwan’s Foxconn is looking to diversify its electric vehicle (EV) portfolio, unveiling the Luxgen n7 through its joint venture with automaker Yulon Motor Co Ltd, Foxtron Vehicle Technologies, which received 15,000 pre-orders in less than two days. Having expanded into semiconductors and EVs over the past years, partnering with US-based startup Fisker Inc and Indian mining conglomerate Vedanta Ltd.
The company’s Chairman, Liu Young-Way, announced at its annual Tech Day, that they are also eyeing Tesla production, targeting 5% of global EV manufacturing by 2025.
As the world’s largest contract electronics manufacturer, Liu shared that he wants to replicate their success with EVs.
“Based on our past records for the PC and cellphone markets…we’re at about 40-45% of the overall market share. So, ambitions-wise, hopefully we are able to achieve the same kind of achievement like in the ICT (information and communications technology) industry, but we will start small, which is about 5% in 2025,” said Liu Young-Way, the Chairman of Foxconn, “I hope one day we can do Tesla cars for Tesla.”
Building on 48 years of ICT manufacturing, Liu claimed Foxconn has the capability to halve EV design times and slash development costs by a third.
Foxconn’s founder Terry Gou joined Liu to unveil two EV prototypes, a Model B sporty crossover hatchback and an all-terrain pickup, Model V, by Foxtron.
Most well known for assembling Apple’s iPhone, Foxconn’s contract assembly method delivers reduced costs, faster production time, and introduction of new products to the market.
Foxconn’s own contract manufacturer, Canada’s Magna International (MGA), will begin production of Fisker’s first EV in November this year.
The company is already expanding its EV production capacity, having acquired an operational 6.2 million-square-foot EV factory in Ohio, to start building Fisker’s second electric vehicle model, the Pear, in 2024, targeting production of at least 250,000 units per year.
Liu concluded, “Supply chain resilience has always been Foxconn’s DNA. Our global footprint in 24 countries gives us a huge advantage to meet EV industry demands. Our heartfelt hope is that Taiwan can seize this once-in-a-hundred years, rare EV business opportunity.”
Featured banner image credit: reuters.com
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