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Foxconn to work with German brands on EVs

10/20/2021 | 08:40am EST

Taiwan tech giant Foxconn is making big plans for its new electric vehicles.

The sedan, SUV and bus were unveiled earlier this week.

On Wednesday (October 20) Chairman Liu Young-way said the firm was looking at making them in Europe, India and Latin America.

He described a Mexico plant as "very possible", but said a factory in Europe would come first.

Asked if the firm would work with German car makers, he said that it would, but "indirectly".

Foxconn admits that it's a beginner at auto making.

But it's been making plans apace.

The firm has a joint venture with Stellantis on in-car technology.

It's also bought a factory from U.S. startup Lordstown Motors, and acquired its own chip plant.

Best known as the maker of Apple's iPhones, Foxconn now wants to diversify away from making gadgets for other brands.

Besides making its own, it also aims to become a major supplier of parts and services for EVs.

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MSCI TAIWAN (STRD) 1.25% 713.962 Real-time Quote.16.95%
STELLANTIS N.V. 5.69% 15.974 Real-time Quote.0.00%
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