Foxconn, the largest assembler of iPhones for Apple, has a desire to manufacture Tesla electric vehicles for Tesla Inc. as the Taiwanese company looks to expand its footprint into EV production. Foxconn, officially referred to as Hon Hai Technology Group, unveiled a pair of electric vehicle concept vehicles last week. One is its Model V pickup truck while the other is a Model B sports crossover hatchback.
However, Foxconn has no interest in going to market with electric vehicles carrying its brand name. Rather, the company has interest in designing and manufacturing EVs for other vehicle makers, hence its desire to one day roll out Teslas from its production lines. For companies that opt for Foxconn’s services, the company says it has the capability to reduce the time needed to design an EV by half in addition to cutting EV development costs by approximately 33% of the current industry standard.
Chairman and CEO of Foxconn Young Liu voiced ambitious plans for the company. He said that Foxconn has set its sights on claiming a 5% share of the global electric vehicle market by 2025, and he expressed hopes that Tesla Inc. will be one of the clients that they serve. At the moment, Tesla has factories in the United States, Germany and China. All the company’s electric vehicles are made at “gigafactories” located in these countries. It is unclear whether Foxconn stands a chance of securing a deal to manufacture Teslas since Tesla has an extensive network of manufacturing plants strategically located to serve the major auto markets of the world.
It should be noted that Foxconn has stepped up its presence within the electric vehicle space during the past couple of years. For example, in 2021, the company unveiled a trio of EV prototypes; two of them are in service on roads. Model T, an electric bus, currently runs on Taiwanese roads as a form of public transport while the Model C is being produced for Yulon Motors, another automaker in Taiwan.
Liu expressed a wish to see the companies that utilize Foxconn’s services succeed in selling electric vehicles.
Foxconn, whose claim to fame can be traced to its involvement in producing consumer electronics, now wants to spread its footprint into other spaces, including electric cars. This comes at a time when plenty of tech companies without a history in automaking are expressing interest and actually creating companies to manufacture EVs. An example is the Chinese phone maker Xiaomi as well as internet tech company Baidu.
It remains to be seen how the EV products of Foxconn will compete with those of other startups such as NIO Inc. (NYSE: NIO), which is already established in the electric vehicle industry.
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