Apple assembler Foxconn aims to supply to 10% of global EVs by 2027
Foxconn aims to provide components or services to 10 percent of the world's electric vehicles (EVs) by between 2025 and 2027, and has been in talks with multiple car manufacturers for future cooperation, chairman Liu Young-way said on Friday.
The contract manufacturer, formally called Hon Hai Precision Industry Co Ltd and a major supplier to Apple Inc, is looking at growth from sectors such as EVs, digital health and robots in a drive to diversify its global investments.
In January, automaker Fiat Chrysler said it has plans for a joint venture with Foxconn to build electric cars and develop internet-connected vehicles in China.
"Hon Hai has to ready our open platform as soon as possible. We need to move fast to grab market share," Liu said, referring to Foxconn's pledge to build an "open platform" to make key EV components including battery and car-internet services to automobile makers.
Foxconn will work with multiple auto makers to reach the goal of 10 percent global EVs, he added, representing around three million vehicles.
Liu, however, declined to provide a revenue target for the EV business or details citing "ongoing talks."
Foxconn is planning to launch its solid-state battery for EVs in 2024, which is a high-capacity energy storage device that improves on current batteries.
Foxconn's Taipei-listed shares closed up 0.6 percent on Friday, outperforming the broad market, which ended 0.6 percent weaker.
Liu has said earlier this year that Foxconn was working to build supply chains in China and the United States, amid a years-long drive to diversify its investments around the world.