Breaking News
LAST CHANCE for Cyber Monday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

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

Stock MarketsOct 20, 2021 09:28AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A Foxtron Model E electric vehicle (EV) is seen unveiled at a Foxconn event in Taipei, Taiwan October 18, 2021. REUTERS/Fabian Hamacher

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 to 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 its 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".

Liu has previously mentioned Mexico as a possible EV production site.

He said they would be using what Foxconn refers to as its BOL model, meaning Build, Operate, and Localise - investing with partners to build and operate local factories and then sell to local consumers.

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 (NASDAQ:AAPL), has set a target to provide components or services for 10% of the world's EVs by between 2025 and 2027, as it looks to diversify revenue streams away from being a contract electronics maker.

Liu, speaking earlier at the same forum, said Taiwan had a natural edge when it came to making EVs because of its existing strength in software and semiconductors.

"These are the advantages that Taiwan has cultivated for many years and is best at."

Foxconn's shares closed up 0.5% on Wednesday, outperforming a 0.1% fall on the broader market.

They are up almost 17% since the start of the year.

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

Related Articles

Omicron, Vaccine Stocks, Twitter: 3 Things to Watch
Omicron, Vaccine Stocks, Twitter: 3 Things to Watch By Investing.com - Nov 29, 2021

By Sam Boughedda Tech stocks roared back Monday after last week’s rout that sent the Dow Jones Industrial Average to its worse day of the year. Investors bought the dip, taking...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email