The Strategist

Foxconn unveils prototypes of three electric cars

10/20/2021 - 08:22

Taiwan-based Foxconn, an electronics component manufacturer known primarily as an Apple supplier, has unveiled prototypes of three electric cars - an SUV, a sedan and a bus. They were developed by Foxtron, a joint venture between Foxconn and Taiwanese carmaker Yulon Motor.

Robert Geiger
Robert Geiger
Foxconn hopes the business will be worth a trillion Taiwanese dollars (about $35 billion) in five years. Foxconn does not intend to produce electric cars under its own brand; it plans to make them for other automakers.

A year ago, Foxconn announced plans to create a modular platform for the production of electric cars - a set of tools that allow manufacturers to design specific parts of an electric car. Yulon will be Foxconn's first branded partner to produce such vehicles. The SUV is due to hit the market in 2023 under one of the brands owned by Yulon.

The sedan, which was developed with the help of Italian company Pininfarina, is due to go on sale next year, but it is not known what brand it will be available under. As The Wall Street Journal reports citing sources, it will be one of the European car brands. The Foxtron-branded bus is set to hit the streets of Taiwan's cities next year.

Foxconn's production of electric cars provides an opportunity to diversify its business away from being solely a manufacturer of electronics components. The company's goal is to supply 10% of all components or services for electric vehicles in the world by 2025-2027.