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MarketScreener Homepage  >  Equities  >  Taiwan Stock Exchange  >  Hon Hai Precision Industry Co., Ltd.    2317   TW0002317005

HON HAI PRECISION INDUSTRY CO., LTD.

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Apple assembler Foxconn aims to supply to about 3 million EVs by 2027

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10/16/2020 | 07:37am EDT
Foxconn Chairman Liu Young-way attends an event presenting the company's new technologies in Taipei

TAIPEI (Reuters) - Foxconn aims to provide components or services to 10% of the world's electric vehicles (EVs) by between 2025 and 2027, and has been in talks with multiple car manufacturers for future cooperation, Chairman Liu Young-way said on Friday.

The Taiwanese contract manufacturer, formally called Hon Hai Precision Industry Co Ltd and a major supplier to Apple Inc , is looking at growth from sectors such as EVs, digital health and robots in a drive to diversify its global investments.

"We want to push Taiwan's EV industry to the world," Liu said in Taipei.

In January, automaker Fiat Chrysler said it has plans for a joint venture with Foxconn to build electric cars and develop internet-connected vehicles in China.

"Hon Hai has to ready our open platform as soon as possible. We need to move fast to grab market share," he said, referring to Foxconn's pledge to build an "open platform" to make key EV components including battery and car-internet services to automobile makers.

Foxconn will work with multiple auto makers to reach the goal of 10% global EVs, Liu added, representing around three million vehicles.

Liu, however, declined to provide a revenue target for the EV business or details citing "ongoing talks".

Foxconn is planning to launch its solid-state battery for EVs in 2024, which is a high-capacity energy storage device that improves on current batteries.

Foxconn's Taipei-listed shares closed up 0.6% on Friday, outperforming the broad market, which ended 0.6% weaker.

Liu has said earlier this year that Foxconn was working to build supply chains in China and the United States, amid a years-long drive to diversify its investments around the world.

(Reporting by Yimou Lee; Writing by Ben Blanchard; Editing by Tom Hogue and Sherry Jacob-Phillips)


Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.98% 118.35 Delayed Quote.57.98%
FIAT CHRYSLER AUTOMOBILES N.V. 0.30% 10.778 Delayed Quote.-18.55%
FOXCONN TECHNOLOGY CO., LTD. -0.58% 51.6 End-of-day quote.-22.05%
HON HAI PRECISION INDUSTRY CO., LTD. 0.12% 81.4 End-of-day quote.-10.35%
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Financials
Sales 2020 5 123 B 179 B 179 B
Net income 2020 104 B 3 626 M 3 626 M
Net cash 2020 239 B 8 322 M 8 322 M
P/E ratio 2020 10,9x
Yield 2020 4,83%
Capitalization 1 127 B 39 195 M 39 267 M
EV / Sales 2020 0,17x
EV / Sales 2021 0,15x
Nbr of Employees -
Free-Float 87,4%
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Technical analysis trends HON HAI PRECISION INDUSTRY CO., LTD.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 95,79 TWD
Last Close Price 81,30 TWD
Spread / Highest target 35,3%
Spread / Average Target 17,8%
Spread / Lowest Target -13,9%
EPS Revisions
Managers
NameTitle
Yang-wei Liu Chairman & Chief Executive Officer
Te Tsai Huang Head-Finance & Deputy Spokesman
Tai Ming Kuo Director
Kuo Cheng Wang Independent Director
Kuo Chuan Kung Independent Director