In Taipei, the company unveiled concept SUV, a sedan and a Futuristic bus
The unveiling of Foxconn Technology Group’s first electric vehicles marks a watershed moment in the Taiwanese electronics company’s pursuit for Apple Inc.’s top-secret automobile project.
The SUV and sedan concepts unveiled on Monday are prototype vehicles that the company intends to create for clients rather than sell under its brand. The vehicles were introduced at Foxconn’s Technology Day event in Taipei by executives including Young Liu, chairman of the company’s main unit Hon Hai Precision Industry Co.
Foxconn is the world’s largest iPhone manufacturer, giving it an advantage as a possible automobile partner for Apple as it considers expanding into autos. In late September, Foxconn agreed to pay $280 million for an auto facility in Ohio from struggling startup Lordstown Motors Corp as part of its aggressive push into vehicles.
“We aren’t the new kid in town anymore,” Liu remarked. “We have steadily created an electric vehicle supply chain and shown our electric vehicle hardware.”
Yulon Motor Co., based in Taiwan, will be Foxconn‘s first electric-car customer, according to Lilian Chen, Yulon’s chairwoman, who spoke at the Taipei event. Yulon’s electric vehicle, made by Foxconn, will cost less than $35,700, according to Liu. The electric bus, which will be delivered to a local transportation operator next year, was also on show at Foxconn.
Hon Hai’s stock fell 1.8 percent in Taipei, while Yulon’s fell 4.8 percent. Beyond low-margin electronics assembly, Foxconn is one of the technology businesses looking to EVs as a source of growth. According to Citigroup analyst Carrie Liu, the Ohio transaction is a boon for Foxconn because it provides it with assembly capacity, equipment, and talent. According to Liu, the corporation is nearing a decision on where to build a car production in Europe.
For any prospective EV company, the Apple car would be the ultimate reward. Foxconn’s excellent partnership with Apple, the world’s largest consumer electronics company, is working to its benefit.
Apple’s product categories have increased the cooperation over the years, and Apple now accounts for approximately half of Foxconn’s annual revenue. Apple’s car is still years away, and the business has already endured setbacks, such as the recent departure of the leader of its car project to Ford Motor Company.
For years, an Apple automobile has been a bit of a conundrum. It’s one of the business’s most eagerly anticipated products, but the company has revealed almost little about it publicly. Following the launch of its electric car platform last year, Foxconn has failed to begin selling any vehicles. According to a source acquainted with the company’s plans, mass manufacturing of Lordstown’s Endurance electric pickup will begin in Ohio in April.
Carmakers such as Tesla Inc., Volkswagen AG, and Hyundai Motor Co., on the other hand, are already mass-producing electric vehicles and investing billions of dollars in product research and capacity
Nonetheless, Foxconn has made some strides. Fisker Inc. is a manufacturing partner, and PTT Pcl, Thailand’s state-owned conglomerate, is a partner. Stellantis NV and Zhejiang Geely Holding have also signed agreements with the company.
Starting in 2023, the business will also collaborate with Fisker, another EV startup, to produce its automobiles.
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