;

Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Home > Business > Foxconn sets sights on making EVs in Europe, India, Latin America

Business

Foxconn sets sights on making EVs in Europe, India, Latin America

Published by maria gbaf

Posted on October 20, 2021

Featured image for article about Business

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)