Foxconn Technology Group, the Taiwan-based electronics company known for manufacturing iPhones, on Tuesday unveiled prototypes of two new electric vehicles in Taipei: the Model B crossover and the Model V pickup.
The two prototypes are the fourth and fifth models coming from the world’s largest contract electronics manufacturer since it announced its entry into EV production in 2020. In 2021 it unveiled a sedan, an SUV, and a bus.
“After we announced our plans to build EVs in 2020, many people questioned whether Foxconn can build cars,” said chairman Young Liu. “Then when we unveiled three models a year later, everyone thought, ‘Wow, how did they manage to develop three models in just a year?’ That’s the speed we’re operating at.”
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The company is involved in 40-45% of the global information and communications technology market, particularly in personal computers and mobile phones. It hopes to replicate what it does for the ICT market in the EV market and build cars from the ground up. This is to say that the goal for these prototype releases isn’t to build their own brand but to show big-name EV companies what Foxconn can do for them.
“Foxconn is not in the business of selling its own EV brand,” Liu pointed out. “I hope one day we can do Tesla cars for Tesla,” he added.
Foxconn currently has a joint venture with Taiwanese carmaker Yulon, for which they’ve started mass production of an EV. The company is also producing an electric pick-up for Ohio-based startup Lordstown Motors.
They have also partnered with the European-American carmaker group Stellantis, together they will develop smark cockpit solutions for EVs. They also plan to develop auto chips under the partnership.
Information for this briefing was found via CNBC and the companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
