Taiwan's Foxconn says eying electric vehicle market

Marco Green
October 18, 2020

The company also assembles popular electronics sold by Microsoft, Amazon and Sony, making Foxconn world's biggest contract manufacturer.

Foxconn (OTC:FXCOF) has introduced what it called the "MIH Open Platform", which is essentially a set of tools that would allow a company to design large parts of an electric vehicle via modular manufacturing.

Foxconn chairman Liu Young-way said on Friday the company hopes to take 10 per cent of global market share for electric vehicles between 2025-2027, and that it has been in talks with multiple carmakers for future cooperation.

"We want to push Taiwan's EV industry to the world", he said in Taipei.

The executive said that Foxconn is aiming to make ready its "open platform", which would build key EV components, including battery and auto internet services, as early as possible. (NYSE: FCAU) was in talks with Hon Hai to create a joint venture to manufacture a new generation of EVs in China. FIH Mobile will provide software solutions for automotive systems in electric cars, the company said.

He made the presentation during the company's Hon Hai Technology Day event, where he revealed details about its modular EV platform with a variety of chassis sizes, as well as support for different battery capacities, suspension types and ground clearance. "We need to move fast to grab market share", he said.

Foxconn is planning to launch its solid-state battery for EVs in 2024, which is a high-capacity energy storage device that improves on current batteries. Liu added earlier this year that Foxconn was trying to develop supply chains in China and the United States amidst a years-long drive to diversify its investments globally.

Other reports by Click Lancashire

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