According to Foxconn’s CEO, as the company moves further into the production of electric vehicles, it aims to eventually construct automobiles for Tesla. Foxconn is the largest Apple iPhone assembler.
The Model V pickup truck and the Model B sports crossover hatchback are two electric vehicle concepts that Hon Hai Technology Group, the official name of Foxconn, unveiled on Tuesday.
But Foxconn doesn’t want to market its own line of automobiles. Instead, it wishes to create and produce automobiles for other automakers. For a carmaker interested in using its services, the company asserts that it can shorten the design time of a car in half and the development cost by a third.
The Taiwanese company has lofty goals. Foxconn’s CEO and chairman, Young Liu, stated on Tuesday that the business aims to have a 5% global market share in the production of electric vehicles by 2025. He also expressed his hope that Tesla will be a client.
Liu hoped that one day they would be able to produce Tesla vehicles.
Tesla presently produces its own vehicles at its factories throughout the globe, including those in the United States, Berlin, and Shanghai.
When CNBC phoned Elon Musk’s Tesla, no one was available to comment right away.
Foxconn has been expanding its electric vehicle industry over the past two years.
The business unveiled three prototype cars last year. Two of them are currently travelling by car. Taiwan’s public transportation system includes the Model T electric bus, while Taiwanese carmaker Yulon Motor produces the Model C under the Luxgen n7 brand.
Liu stated that he wants the customers of Foxconn to sell “a lot more EVs.”
Over the past few decades, Foxconn has grown its company by producing and assembling consumer electronics. But the business is now attempting to expand into new markets, with electric automobiles serving as a major focus.
The five concept cars demonstrate Foxconn’s ability to “create and build attractive EVs that can withstand safety,” according to Liu.
As more businesses, particularly those with no history in the auto industry, enter the market, a part of their present strategy is to demonstrate their expertise in the electric car sector.
For instance, in China, electric car manufacturers Xiaomi and Baidu have been established with the goal of mass producing vehicles.
For businesses wishing to establish electric vehicle initiatives without having to make significant expenditures in their own design and production endeavours, Foxconn may be a possibility.