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| Foxconn plans to build an electric car factory |
The company has announced that it will build electric vehicle manufacturing facilities in the United States and Thailand next year.
Big iPhone assemblers are stepping up efforts to harness the growing wave of electric vehicles to offset a slowdown in the smartphone industry.
A company representative told investors: We plan to start mass production in the United States and Thailand in 2023, excluding the United States and Thailand.
He added: "We are still negotiating with potential locations in Europe and as part of our global strategy for electric vehicles."
Foxconn, whose clients include Apple, Google, Facebook, Microsoft, Amazon, HP and Xiaomi, is expanding its influence in the electric car industry. This is achieved through the use of automotive semiconductors, key components, and advanced software to power and assemble electric vehicles.
The iPhone aggregator also prepared an open software and hardware platform, the MIH EV Open Platform, which includes the chassis, electronic architecture, and autonomous driving assistance. The goal is to reduce development time for automakers to modify their cars, especially for newcomers switching to electric vehicles.
The company president said the Thai plant is part of a joint venture between Foxconn and Thai oil and gas company PTT that aims to develop a platform for the production of electric vehicles and parts.
He added that the facility initially managed the Thai market and was gradually exported to ASEAN countries.
The president said the planned annual production capacity is between 150,000 and 200,000 vehicles.
Foxconn plans to build an electric car factory
At the same time, the American plant serves customers such as the American startup Fisker, and the Taiwanese company will start producing electric cars by the end of 2023.
Foxconn ruled Mexico. But it is negotiating with three states in the United States to build the first electric vehicle manufacturing facility in North America.
The company also announced last week that it would buy a $90 million chip factory in the northern Taiwan city of Hsinchu from a major maker of memory chips in Taiwan. This is a strategic move to secure the semiconductor source for the emerging electric vehicle business amid the unprecedented global chip crisis.
Meanwhile, Foxconn will begin serial production of the upcoming iPhone 13 series in China with rivals Pegatron and Luxshare Precision Industry later this month. It is an ambitious Chinese electronics manufacturer that aims one day to challenge Foxconn's global standing.
The Taiwanese company is still the largest iPhone assembler. But Apple is looking for more Chinese suppliers for this year's new iPhone.