Taiwan’s Foxconn Showcases Three Electric Vehicle Prototypes – .

Taiwan’s Foxconn Showcases Three Electric Vehicle Prototypes – .

TAIPEI, Oct. 18 (Reuters) – Taiwanese tech giant Foxconn (2317.TW) on Monday unveiled its first three prototypes of electric vehicles, underlining ambitious plans to diversify away from its role of building consumer electronics for Apple Inc (AAPL.O) and other technology companies.

The vehicles – an SUV, sedan and bus – were manufactured by Foxtron, a joint venture between Foxconn and Taiwanese automaker Yulon Motor Co Ltd (2201.TW).

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

Foxconn, formerly known as Hon Hai Precision Industry Co Ltd, aims to become a major player in the global electric vehicle market and has made deals with US startup Fisker Inc (FSR.N) and Thai energy group PTT PCL (PTT. BK). Read more

“Hon Hai is ready and is no longer the new kid on the block,” Foxconn Chairman Liu Young-way said at the event scheduled to mark the birthday of the company’s billionaire founder, Terry. Gou.

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

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

The bus, which will wear a Foxtron badge, will begin operating in several cities in southern Taiwan next year in partnership with a local transportation service provider.

Foxconn this month bought a factory from American startup Lordstown Motors Corp (RIDE.O) to make electric cars. In August, it bought a chip factory in Taiwan in an effort to meet future demand for automotive chips. Read more

Foxconn has also set a goal of providing components or services for 10% of electric vehicles globally between 2025 and 2027.

($ 1 = 27.9880 Taiwan dollars)

Reporting by Yimou Lee; Editing by Edwina Gibbs

Our Standards: The Thomson Reuters Trust Principles.


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