Taiwanese electronics giant Foxconn is considering diversifying into the electric vehicle (EV) market. The company, which generated large revenues last year from manufacturing products such as iPhones and Nintendo Switch, recognises the need to move into more profitable products in the face of a maturing electronics market.

As well as progressing in AI servers in collaboration with Nvidia, Microsoft and Amazon, Foxconn is looking at semiconductors for its internal needs, particularly EVs. With an efficient and cost-effective production strategy, the company is aiming for a significant market share in a sector that Goldman Sachs estimates will be worth more than $140 billion by the end of the decade. However, the company still needs to attract a major automotive customer to fully realise its ambitions.

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