Foxconn steps up on EV production target

Foxconn Chairman, Liu Young-Way, has underlined the Taiwanese tech giant’s vision of making electric vehicles (EVs) in Europe, India and Latin America.

Liu Young-Way also said that Foxconn’s plans included “indirectly” cooperating with German automakers.

Foxconn aims to become a major player in the global EV market and has clinched deals with U.S. startup Fisker Inc and Thailand’s energy group PTT PCL.

Liu couldn’t provide any details of its plans for Europe, India and Latin America due to disclosure restrictions.

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.

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.

Foxconn this month bought a factory from U.S. 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.

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