Apple

Apple iPhone Manufacturer Foxconn to Make EVs

Yashika Gupta

Oct 23,2024
2 min read
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Taiwan’s Foxconn unveiled its first three electric vehicle prototypes on Monday, emphasizing ambitious plans to diversify down from its part of erecting consumer electronics for Apple Inc and other tech enterprises.

The vehicles – an SUV, a hydrofoil, and a machine – were made by Foxtron, an adventure between Foxconn and Taiwanese automaker Yulon Motor Co. Ltd.

Foxtron Vice-Chairman Tso Chi-sen told journalists that he hoped electric vehicles would be worth a trillion Taiwan bones to Foxconn in five times time – a figure original to around$ 35 billion.

Formally called Hon Hai Precision Industry Co Ltd, the world’s biggest electronics contract manufacturer aims to come a major player in the global EV request though it concedes it's a neophyte in the auto assiduity.

It first mentioned its EV intentions in November 2019 and has moved fairly snappily, this time publicizing deals to make buses with U.S. incipiency Fisker Inc and Thailand’s energy group PTT Pcl.

“Hon Hai is ready and no longer the new sprat in the city,” Foxconn Chairman Liu Young- way told the event timed to mark the birthday of the company’s billionaire author Terry Gou, who drove the hydrofoil onto the stage to the tune of “Happy Birthday”.

The hydrofoil, which was concertedly developed with Italian design establishment Pininfarina, will be vended by an unidentified carmaker outside Taiwan in the coming times, while the SUV will be vented under one of Yulon’s brands and is listed to hit the request in Taiwan in 2023.

The machine, which will carry a Foxtron emblem, will start running in several metropolises in southern Taiwan coming time in cooperation with an original transportation service provider.

“So far Foxconn has made enough good progress,” said Daiwa Capital Markets tech critic Kylie Huang.

Foxconn has also set itself a target of furnishing factors or services for 10 of the world’s EVs between 2025 and 2027.

This month it bought a plant from U.S. incipiency Lords town Motors Corp to make electric buses. In August it bought a chip factory in Taiwan, aiming to meet unborn demand for automotive chips.

A successful drive-by-contract assembler into the auto assiduity has the implicit to bring in a slew of new players and undermine the business models of traditional auto companies. Chinese automaker Geely this time also laid out plans to become a major contract manufacturer.

Assiduity watchers are nearly watching for suggestions of which enterprises might make Apple’s electric auto. While sources have preliminarily said that the tech mammoth wants to launch an auto by 2024, Apple has not borne specific plans.