Foxconn Sets Sights on Making EVs in Europe, India, Latin America

Foxconn Plans EV Manufacturing Expansion in Europe and Beyond

TAIPEI (Reuters) – Taiwan tech giant Foxconn is looking at making electric vehicles (EVs) in Europe, India and Latin America, including “indirectly” cooperating with German automakers, chairman Liu Young-way said on Wednesday.

Foxconn, formally called Hon Hai Precision Industry Co Ltd, aims 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.

Speaking to reporters at a business forum in Taipei after unveiling three EV prototypes on Monday, Liu said that due to “disclosure restrictions” he couldn’t provide any details of their plans for Europe, India and Latin America.

“Europe will be a bit faster, I agree with that. But as to where, I can’t tell you,” he said.

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”.

In May, Foxconn and carmaker Stellantis announced a plan https://www.reuters.com/technology/stellantis-foxconn-form-connectivity-focused-car-technology-jv-2021-05-18 to create a joint venture to supply in-car and connected-car technologies across the auto industry.

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.

(Reporting by Ben Blanchard; Editing by Christopher Cushing and Sam Holmes)