Foxconn, Apple’s main partner and supplier, is diversifying its activities and embarking on the manufacture of electric cars with the ambitious plan to become a major player in global production.
Foxconn is a supplier specializing in the manufacture of electronic products. The Taiwanese company has established a large part of its fleet of manufacturing plants in China and is increasingly establishing itself in other continents. The industrial group is best known for being one of Apple’s main suppliers, responsible for nearly 70% of iPhone production in 2020. It is also partners of other large firms such as Microsoft, Nintendo , Samsung or even Amazon.
Foxconn multiplies partnerships
Building on its immense success (+ 44% turnover in Q1 2021 according to Bloomberg), the Taiwanese firm has decided to embark on the production of electric cars. An ambitious project that it intends to carry out thanks to a partnership with the Californian car manufacturer Fisker, known for being at the origin of the BMW Z8 roadster and the Aston Martin V8 Vantage. The role of the American company will be to conceptualize the electric vehicle already known under the name of the PEAR project whose production should begin at the end of 2023, beginning of 2024 with a target of 250,000 units per year.
Foxconn is putting all the odds on its side and investing heavily in the United States by signing a buyout agreement ($ 230 million) for Lordstown Motors, a factory specializing in electric vehicles. The aim of this acquisition and this partnership is to launch the production of an electric pick-up, the Endurance.
Foxconn further confirms its ambition to make its entry into automotive production by presenting on October 18 in Taipei (Reuters) three prototypes of electric cars: a bus, a sedan and an SUV. These three models are the result of an alliance between Foxconn and the car manufacturer Yulon Motor.
The giant continues to expand its influence and set up factories around the world. Initially very present in China, Foxconn now has factories in Vietnam, Brazil and Australia and wishes to expand in Europe. Already present in the Czech Republic, the company has just signed a new alliance with Stellantis, an automotive group based in the Netherlands to develop an intelligent cockpit concept, adaptable of course to the automotive sector.
Regarding the production of electric cars, the president of the firm declared (information relayed by Nikkei Asia): “Our plans are to start mass production in the United States and Thailand respectively in 2023. Apart from the United States and Thailand, we are also in talks with possible locations in Europe also as part of our strategy. world “.