Foxconn, which makes Apple’s iPhones, says it wants to make cars for Tesla as it ramps up its electric vehicle push.
Foxconn, which makes Apple’s iPhones, says it wants to make cars for Tesla as it ramps up its electric vehicle push. As Foxconn continues to expand its manufacture of electric vehicles, the CEO of the firm stated that the company is interested in eventually constructing automobiles for Tesla. Foxconn is the largest assembler of Apple’s iPhones.
On Tuesday, Hon Hai Technology Group, the official name of Foxconn, introduced two prototypes of electric vehicles: the Model V pickup truck and the Model B sports crossover hatchback. Both vehicles are powered by electric motors.
However, Foxconn has stated that it does not want to sell vehicles under its own name. Instead, it plans to focus on the design and production of automobiles for other automakers. The company asserts that it can slash the amount of time needed to design a vehicle in half while also reducing the amount of money spent on its creation by a manufacturer of automobiles that wishes to use its services.
The Taiwanese company has lofty goals for the future. Foxconn’s CEO and chairman, Young Liu, stated on Tuesday that the business aims to achieve a 5% share of the global market for the production of electric vehicles by 2025. He also expressed his hope that Tesla will become one of the company’s customers.
Liu stated, “I hope that one day we will be able to do Tesla automobiles for Tesla.”
At this time, Tesla produces its own automobiles at its factories located all over the world, including those located in the United States, Berlin, and Shanghai.
When CNBC attempted to get a comment from Tesla, the company’s CEO, Elon Musk, was not immediately accessible.
Foxconn has, over the course of the previous two years, been working to expand its electric car industry.
In December of the previous year, the business presented three concept automobiles. There are currently two of those being driven about. Model C is a production vehicle branded as the Luxgen n7 by Taiwanese carmaker Yulon Motor. Model T is an electric bus that is used as part of the public transportation system in Taiwan.
Liu has expressed his desire for Foxconn’s clients to sell “a lot of electric vehicles.”
Manufacturing and assembly of consumer electronics have been the primary focuses of Foxconn’s commercial activities throughout the past few decades. However, the corporation is currently exploring new business opportunities and is putting a primary emphasis on the development of electric vehicles.
Foxconn “can design and produce electric vehicles that are good-looking and can stand up to safety,” Liu said, referring to the five concept automobiles that the company has created.
At a time when many companies, especially businesses that have not traditionally been in the auto space, are jumping into the market, one of its current strategies is to show off its capabilities in the electric vehicle space. This is being done at a time when many companies are jumping into the market.
As an example, the Chinese smartphone manufacturer Xiaomi as well as the internet company Baidu, have formed electric car firms with the intention of manufacturing automobiles in large quantities.
Foxconn may be an alternative for businesses that are interested in launching electric car initiatives but do not wish to make significant investments in their own design and manufacturing ventures.