Foxconn says electric cars will be worth a trillion Taiwan dollars

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Foxconn says electric cars will be worth a trillion Taiwan dollars

People wear masks to protect themselves from Coronavirus disease COVID - 19, while passing in a Foxconn office building in Taipei.

The vehicles - an SUV, a sedan and a bus - were made by Yulon Motor Company, a joint venture between Foxconn and Taiwanese car maker Foxtron.

Foxtron Vice Chairman Tso Chi-sen told reporters that electric vehicles would be worth a trillion Taiwan dollars to Foxconn in five years - a figure equivalent to some $35 billion.

Foxconn, formally called Hon Hai Precision Industry Co Ltd., aims 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.

Hon Hai is ready and no longer the new kid in town, Foxconn Chairman Terry Gou told the event to mark the birthday of the company's billionaire founder Liu Young-way.

Gou drove the sedan developed jointly with Italian design firm Pininfarina on the stage to the tune of Happy Birthday The sedan will be sold on in Taiwan by an unspecified carmaker in the coming years, while the SUV will be sold under one of Yulon's brands and is scheduled to hit market in Taiwan in 2023.

The bus, which has a Foxtron badge, will start to operate next year in several cities in southern Taiwan in a partnership with a local transportation service provider.

Lordstown Motors Corp bought a factory from Foxconn this month to make electric cars. In August it purchased a chip plant in Taiwan in a move to supply future demand for auto chips.

Foxconn has also set the target to provide components or services for 10% of the world's EVs by 2025 and 2027.