- Foxconn Technology Group unveiled its first electric vehicles, a milestone that could boost the Taiwanese electronics manufacturer's credibility as a serious bidder for Apple Inc. s secretive automotive project.
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The SUV and sedan models introduced on Monday are concept vehicles that the manufacturer plans to build for automotive customers rather than sell under its own brand. Executives including Young Liu, Chairman of Foxconn s flagship group Hon Hai Precision Industry Co. unveiled the vehicles at the company's Technology Day event in Taipei.
Foxconn is the largest assembler of iPhones, giving it an edge as a potential carmaker partner for Apple when the U.S. company weighs expanding into vehicles. As part of its aggressive push into cars, Lordstown Motor Corp. agreed in late September to spend $280 million on the purchase of an auto plant from embattled Foxconn for Ohio.
Liu said we are no longer the new kid in town. We slowly built an EV supply chain and showcased our EV hardware. During the Taipei event, Yulon Motor Co. will be Foxconn s first electric car customer, Lilian Chen, Yulon chairwoman, spoke to the audience. Yulon s electric sedan built by Foxconn is set to sell for less than NT $1 million $35,700, Liu said. Foxconn also displayed its local bus, which will be delivered to an electric transportation provider next year.
Shares of Yulon declined 1.8% in Taipei, and Hon Hai lost 4.8%.
Foxconn is among the technology companies targeting EVs as a source for growth beyond low-margin electronics assembly. The Ohio deal is a boon to Foxconn, giving it assembly capacity, equipment and talent, Citigroup analyst Carrie Liu wrote in a recent note. The company is nearing the location for a car plant in Europe, Liu said.
The upcoming Apple car would be the ultimate prize for every aspiring EV manufacturer. In Foxconn s favor is its strong relationship with the U.S. consumer-electronics giant. The years-long partnership has expanded as Apple added product categories and the company accounts for about 50% of Foxconn s annual sales.
Any Apple automobile is still years away and the company has suffered setbacks including the recent departure of its head of car project to Ford Motor Co. An Apple car has been somewhat of a paradox for years - it s one of its most extremely hotly anticipated products yet the company has publicly said almost nothing about it.
Foxconn has yet to launch sales of any vehicle following the unveiling of its new EV platform last year. It plans to start mass production of Lordstown's endurance electric pickup in April, according to a person familiar with its schedule.
In comparison, carmakers such as Tesla Inc. Volkswagen AG and Hyundai Motor Co. are already producing EV models and spending billions of dollars on product development and capacity.
Still, Foxconn has made some progress. It has a partnership with Fisker Inc. in Thailand and a manufacturing deal with PTT Pcl. - a state-owned company PTT Pcl. It s also struck pacts with Stellantis NV and Zhejiang Geely Holding.
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