This archive report was first published on 18 October 2021.
Published on October 18, 2021, Foxconn, the world's largest contract electronics maker, has been rapidly diversifying beyond electronics assembly. The company has invested heavily in electric vehicles, including a joint venture with local automaker Yulon Motor and the purchase of a struggling auto plant in Ohio.
On Monday, Foxconn unveiled three concept electric vehicles: a sedan, an SUV, and a bus. The models are designed to be built with other manufacturers, marking a significant shift for the company.
“Foxconn is no longer a new kid in town,” said chairman Young Liu at the unveiling ceremony in Taipei. Foxconn's founder Terry Gou drove the “Model E” sedan to the presentation and emphasized that the company's EVs demonstrate Taiwan's overall industrial strength.
The “Model C” SUV is expected to hit the market in Taiwan in 2023, priced under Tw$1 million ($357,000). The “Model T” electric bus could start operating in southern Kaohsiung city as early as next year, pending transport ministry review.
Foxconn has invested approximately Tw$10 billion ($355 million) in electric car development in 2020, with plans to increase investment over the next two years. The company has established an electric vehicle supply chain and distribution network, with new partnerships announced almost every month this year.
Among its recent partners is Fisker, a US-based electronic car startup. The two companies plan to jointly develop electric cars sold under the Fisker brand, with production set to begin in late 2023.
