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Foxconn Looks To Make EVs In Europe, India, Latin America

Taiwan tech giant’s chairman says Foxconn will start making in Europe first, then India and Latin America, including ‘indirectly’ cooperating with German automakers


A motorcyclist rides past the logo of Foxconn in Taipei
Taiwan-based Foxconn makes electric vehicles for Lordstown Motors Corp and has a contract to make Fisker Inc's second car model, PEAR. Photo: Reuters

 

Taiwan tech giant Foxconn is looking at making electric vehicles (EVs) in Europe, India and Latin America, including “indirectly” cooperating with German automakers, Chairman Liu Young-way said on Wednesday.

Foxconn, formally called Hon Hai Precision Industry Co Ltd, aims to become a major player in the global EV market and has clinched deals with US startup Fisker Inc and Thailand’s energy group PTT PCL.

Speaking to reporters at a business forum in Taipei after unveiling three EV prototypes on Monday, Liu said that due to disclosure restrictions he couldn’t provide any details of its plans for Europe, India and Latin America.

“Europe will be a bit faster, I agree with that. But as to where, I can’t tell you,” he said.

Asked if they would be cooperating with German car firms he said “indirectly”, saying the timeline would be Europe first, then India and Latin America, adding that Mexico was “very possible”.

Liu has previously mentioned Mexico as a possible EV production site.

‘BOL’ model

He said they would be using what Foxconn refers to as its BOL model, meaning Build, Operate, and Localise – investing with partners to build and operate local factories and then sell to local consumers.

In May, Foxconn and carmaker Stellantis announced a plan to create a joint venture to supply in-car and connected-car technologies across the auto industry.

Foxconn this month bought a factory from US startup Lordstown Motors Corp to make electric cars. In August it bought a chip plant in Taiwan in a move to supply future demand for auto chips.

Foxconn, best known for making iPhones for Apple Inc, has set a target to provide components or services for 10% of the world’s EVs by between 2025 and 2027, as it looks to diversify revenue streams away from being a contract electronics maker.

Liu, speaking earlier at the same forum, said Taiwan had a natural edge when it came to making EVs because of its existing strength in software and semiconductors.

“These are the advantages that Taiwan has cultivated for many years and is best at.”

 

  • Reuters with additional editing by Jim Pollard

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.