iPhone Maker Foxconn To Now Manufacture Electric Vehicles: Report

Foxconn, popularly known for being the contract manufacturer of iPhone, has rolled out its ambitions of engaging in the electric vehicle (EV) manufacturing sector by unveiling its initial three EV prototypes on Monday.

The three vehicles -- an SUV, a sedan and a bus, were made by Foxtron which is a venture between Foxconn and Taiwanese carmaker Yulon Motor Co Ltd.

Foxconn, which is the world’s largest electronics contract manufacturer, is targeting becoming a major player in the global EV market, Reuters reports.

Moreover, Foxconn is chasing the target of providing components or services of about 10 per cent of the world’s EVs by 2025 and 2027.

The company has been gradually working towards realizing its EV ambitions. It bought a factory from the US startup Lordstown Motors Corp in order to manufacture electric cars. Back in August, Foxconn purchased a chip plant in Taiwan to fulfill the future demands for automotive chips.

The company’s chairman Liu Young-way even expressed in a recent event that they are no longer ‘the new kid in town’, implying the progress that Foxconn is making in the EV segment.