In addition to Vietnam and Indonesia, Foxconn’s electric vehicle joint venture Foxtron may consider production in India, people familiar with the matter said.
Founded in 1974, Foxconn is a high-tech group (the world’s largest foundry manufacturer) specializing in the production of 3C products and semiconductor equipment, as well as a professional manufacturer of electronics.
Over the past 11 years, withiPhoneand smartcell phoneAs the market grew, Foxconn’s business soared. However, as the smartphone market matures, there is little potential for future growth, a key reason why Foxconn is now turning to electric vehicle production.
Electric vehicles are a relatively new field for Foxconn. On November 10, 2021, Foxconn announced that it would acquire an automotive assembly plant in Ohio from Lordstown Motors for $230 million to produce electric vehicles for the North American market. In addition, it will use the plant to manufacture for customers such as electric car maker Fisker.
Last February, Foxconn and Fisker signed an agreement to jointly develop an electric vehicle. Under the agreement, Foxconn will produce the electric car, which will begin mass production in the fourth quarter of 2023 and is expected to produce more than 250,000 units a year.
