The Hon Hai Precision Industry Co. Ltd. or Foxconn is starting its own electric vehicles. It is a huge company that produces everything from iPhones to large-scale data centers. Terry Gou founded this company in 1974 in Taiwan. Microsoft, Apple, Amazon, Cisco, etc. are some of the customers of Foxconn. This company has been Apple’s primary supplier for iPhones for a long time. Currently, Foxconn has 83500 patents and owns factories all around the world.
Foxconn, the Taiwanese giant is entering the EV sector
Recently, news broke that this mammoth company is diversifying even more. Foxconn announced in October 2021 that it will be manufacturing its own electric vehicles. The company’s CEO Terry Gou unveiled 3 models at Foxconn’s Tech Day event in mid-October.
The company showcased three concept Models: Model C, Model E and Model T. The three models are an SUV, a sedan, and an electric bus. All the vehicles were designed in collaboration with a Taiwanese car manufacturer. Foxconn has named its electric car manufacturing subsidiary as Foxtron.
The company aims to manufacture electric vehicles for other companies. It has no will to sell their cars under Foxconn branding. All the cars will have a range of over 300 kilometers and a horsepower of above 750hp. Foxconn’s Model C and Model E will be able to reach 100 kilometers per hour in 2.8 seconds. Tesla’s Roadster has an acceleration of 0-60 miles per hour in 2.9 seconds. These cars will be much cheaper than the current electric vehicles in the market. Due to this, the entire industry is anticipating the launch of these vehicles.
Foxconn has announced that it will be manufacturing its vehicles in Germany, India, Mexico, and the United States of America. While many companies have outsourced manufacturing to China, Foxconn is trying to bring it to other countries as well. The company’s first factory will be set up in Germany. The electronics giant also has plans to start factories in South America namely Brazil and Argentina.
The price of the Model C which is an SUV will be below $36000. Currently, Foxconn is in talks with American companies such as Jeep, Chrysler, Stellantis NV and is forming partnerships with them. In addition to this, the company has already brokered a contract with Lordstown, an electric pick-up startup.
The company is already famous for manufacturing the majority of iPhones for Apple. Foxconn didn’t comment if it would manufacture the Apple car that Apple announced a few months ago. The cars are still in development and are likely to start production in late 2023 for the Model C. The company hasn’t mentioned the launch dates of Model E and Model T.
This giant electronics supplier is another addition to the vast number of electric car manufacturers entering the market. But unlike many other startups that have recently started production, Foxconn has greater experience in manufacturing electronics. The company has huge capital at bay which will result in faster development of the company’s electric vehicles. Due to the uniqueness of Foxconn, industry observers are looking at them with great optimism to propel the electric vehicle sector forward.