The Taiwanese electronic giant Foxconn unveiled its first three electric vehicle prototypes on Monday. The event strongly reflected the high ambitions of the tech company to diversify into a sector other than what it is best known for – making producing consumer electronics for Apple Inc. and other tech companies.
The electric vehicles were manufactured by Foxtron, which is a joint venture between Foxconn and Taiwanese automaker Yulon Motor Co Ltd. The prototypes included an SUV, a sedan, and a bus.
For Foxconn, revenues from electric vehicles would be worth about a trillion dollars in five years - which is roughly about $35 billion, said Tso Chi-sen, Foxconn Vice Chairman, while talking to reporters.
The target of Foxconn, which is formally known as Hon Hai Precision Industry Co Ltd, is to transform itself into a major player in the global electric vehicle industry and has signed agreements with American startup Fisker Inc and Thailand's energy group PTT PCL for this purpose.
"Hon Hai is ready and no longer the new kid in town," Foxconn Chairman Liu Young-way told the event timed to mark the birthday of the company's billionaire founder Terry Gou.
At the unveiling event, Gou drove the sedan onto the stage while the tune of "Happy Birthday" played in the background. The sedan has been developed by the company in coordination with the Italian design firm Pininfarina.
In the coming years, an unnamed carmaker will be selling the sedan in markets outside of Taiwan, while one of Yulon's brands will be used as the brand name for the SUV which is expected to hit the market in Taiwan in 2023.
The Foxtron logo will be bared by the electric bus and is expected to hit the streets of a number of cities in southern Taiwan next year in partnership with a local transportation service provider.
Foxconn purchased an electric car factory from Lordstown Motors Corp in the United States earlier this month. In a strategy to cater to the future demand for auto chips, the company purchased a chip plant in Taiwan in August.
Foxconn has also set a goal of supplying components or services for 10% of the world's electric vehicles by 2025-2027.
(Source:www.livemint.com)
The electric vehicles were manufactured by Foxtron, which is a joint venture between Foxconn and Taiwanese automaker Yulon Motor Co Ltd. The prototypes included an SUV, a sedan, and a bus.
For Foxconn, revenues from electric vehicles would be worth about a trillion dollars in five years - which is roughly about $35 billion, said Tso Chi-sen, Foxconn Vice Chairman, while talking to reporters.
The target of Foxconn, which is formally known as Hon Hai Precision Industry Co Ltd, is to transform itself into a major player in the global electric vehicle industry and has signed agreements with American startup Fisker Inc and Thailand's energy group PTT PCL for this purpose.
"Hon Hai is ready and no longer the new kid in town," Foxconn Chairman Liu Young-way told the event timed to mark the birthday of the company's billionaire founder Terry Gou.
At the unveiling event, Gou drove the sedan onto the stage while the tune of "Happy Birthday" played in the background. The sedan has been developed by the company in coordination with the Italian design firm Pininfarina.
In the coming years, an unnamed carmaker will be selling the sedan in markets outside of Taiwan, while one of Yulon's brands will be used as the brand name for the SUV which is expected to hit the market in Taiwan in 2023.
The Foxtron logo will be bared by the electric bus and is expected to hit the streets of a number of cities in southern Taiwan next year in partnership with a local transportation service provider.
Foxconn purchased an electric car factory from Lordstown Motors Corp in the United States earlier this month. In a strategy to cater to the future demand for auto chips, the company purchased a chip plant in Taiwan in August.
Foxconn has also set a goal of supplying components or services for 10% of the world's electric vehicles by 2025-2027.
(Source:www.livemint.com)
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