Foxconn founded a new EV company called Foxtron to manufacture electric cars in partnership with Taiwanese carmaker Yulon Motor Co Ltd.
The company has unveiled its first three electric vehicle prototypes. These include an SUV, an electric sedan, and an electric bus.
In five years’ time, Foxconn is expecting its EV company to be worth about $35 billion. It aims to become a major player in the global EV market.
The company has already made a deal with US-based startup Fisker Inc and Thailand-based energy group PTT PCL. The Model E sedan was jointly developed with the Italian design firm Pininfarina. The sedan will be sold outside Taiwan by an unspecified carmaker in the coming years.
The Model E is a five-seater car with a range of 750 km on a single charge. However, the Model C SUV will be sold under one of Yulon’s brands and is scheduled to hit the market in Taiwan in 2023. The Model T electric bus will have a range of less than 400 km on a single charge.
It will begin running in several cities in southern Taiwan next year in partnership with a local transportation service provider. Foxconn recently bought a factory from US startup Lordstown Motors Corp to make electric cars.
In August this year, it also bought a chip plant in Taiwan to meet future demand for auto chips. The company aims to provide components or services for 10% of the world’s EVs between 2025 and 2027.