Foxconn, which had earned its spurs as iPhone assembler, today unveiled three electric vehicle prototypes as it makes a major foray into the e-vehicles segment, hoping to make it an over $35 billion business in around five years.
The EVs — sedan, SUV and bus — are said to be concept vehicles that Foxconn will be building for other automotive brands, and will not put it out in the market under its own name.
The vehicles were made by Foxtron, a joint venture between Foxconn and Taiwanese car maker Yulon Motor.
Foxconn chairman Young Liu unveiled the vehicles at the company’s Technology Day event in Taipei.
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Liu said Hon Hai (which is Foxconn’s Taiwanese name) is ready and no longer the new kid in town. “We have gradually built an EV supply chain and showcased our EV hardware,” he added.
The sedan will be sold by an unmentioned carmaker outside Taiwan soon, while the SUV will be sold under one of Yulon’s brands and is scheduled to hit the market in Taiwan in 2023. The bus will sport a Foxtron badge, and will start running in several cities in southern Taiwan next year in a tie-up with a local transport services company.
It may be recalled that Foxconn is consciously working to transition beyond pure manufacturing. It is promoting a “3 plus 3” initiative to diversify its product mix and boost its profit margins. The “3 plus 3” initiative refers to three emerging industries — EVs, robots and digital healthcare. The development of electric vehicles is central to that initiative, as it is building an EV supply chain.
Foxconn has also set a target to provide components or services for 10% of the world’s EVs between 2025 and 2027.
Foxconn recently signed a 7-year deal with electric carmaker Fisker Inc to develop and manufacture a new electric vehicle (EV) in the US.
It has also tied up with Thailand’s energy group PTT PCL.
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.
And, of course, with all these moves, Foxconn could possibly make a move for winning Apple’s secretive EV project.