After assembling Apple iPhones and other tech products, Taiwan’s Foxconn wants to make electric cars for Elon Musk’s Tesla in a bid to diversify its business.
Its Chairman Liu Young-way said Foxconn wants to replicate its level of success in assembling consumer gadgets as it expands into building EVs for auto brands, according to a Reuters report.
The Foxconn Chairman’s comments were made during the company’s annual Tech Day.
"Based on our past records for the PC and cellphone markets ... we're at about 40-45% of the overall market share. So, ambitions-wise, hopefully we are able to achieve the same kind of achievement like in the ICT (information and communications technology) industry, but we will start small, which is about 5% in 2025," Liu said.
"I hope one day we can do Tesla cars for Tesla," he said.
Liu said Foxconn is not in the business of selling its own EV brands but wants its customers to sell "a lot" of EVs, which will be made in Taiwan, Thailand and the United States.
Meanwhile, Liu said Foxconn is negotiating with partners in Indonesia and India.
Foxconn has expanded into EVs and semiconductors in recent years, announcing deals with US startup Fisker Inc and India’s Vedanta Ltd.
A joint venture of the Vedanta and Foxconn had on September 14 signed a Memorandum of Understanding (MoU) with the Gujarat government to invest Rs 1.5 lakh crore to set up a semiconductor plant in the state.
Foxconn is leveraging its "48-year-old roots in ICT manufacturing" to halve EV design times and slash development costs by a third, Liu was quoted as saying.
"Despite the challenges of conflict in Europe and COVID globally, Foxconn has maintained our EV strategy," Liu said.
The company unveiled three prototypes last year, including an SUV, a sedan and a bus under the Foxtron brand in collaboration with Taiwan's Yulon Motor.
The prototypes are projected to become actual models from 2022 for Model T. The Model C is projected to be available by 2023.
Foxconn earlier this had said it will build EV manufacturing facilities in the US and Thailand in 2023.
"Our heartfelt hope is that Taiwan can seize this once-in-a-hundred years, rare EV business opportunity," Liu said.