Foxconn partners with other brands to make EVs smarter than iPhone
The iPhone-making Taiwanese business also aspires to become a prominent contract producer of electric cars, a goal that has been assisted by the purchase of Lordstown Motors Corp.’s electric truck facility in Ohio.
The Taiwanese company that makes iPhones also wants to become a leading contract manufacturer of electric vehicles, a plan that has been aided by the acquisition of Lordstown Motors Corp.’s electric truck facility in Ohio.
The world’s largest electronics contract maker, Foxconn Technology Group, is known for assembling products for major technology companies like Apple Inc., Amazon.com Inc., and Alphabet Inc.’s Google.
The Lordstown plant of the smartphone manufacturer views itself as a possible manufacturer of vehicles from other brands.
It now aspires to become a valued piece of technology. According to Foxconn’s chairman, the company expects to be able to produce 3 million electric vehicles per year by 2027, accounting for around 10% of the global market.
In recent years, it has made a flurry of transactions to build a foothold in the automotive supply chain, including semiconductors, components, software, and assembly. Stelantis NV, the maker of Jeep and Chrysler, and Fisker Inc., a Los Angeles-based electric vehicle startup, are among the partners.
With the support of Foxconn, which wants to produce around 250,000 vehicles every year in the United States.
Now, Foxconn has agreed to buy Lordstown Motors’ Ohio facility, an electric truck startup that bought a former General Motors plant but had problems selling its products. Lordstown Motors announced that Foxconn will produce Lordstown-branded vehicles, including the Endurance, the company’s first pickup truck.
Chairman Young Liu stated that the Lordstown factory will help Foxconn meet its goal of having EV production capability in North America by the end of the year. According to sources acquainted with the factory’s plans, its capacity might be used for other brand-name customers as well.
According to analysts, if Foxconn calculates the low-cost assembly of EVs sold for $40,000 or $50,000, the company will make significant profits. In addition, the development of electric vehicle startups has created a pool of potential customers looking to use Foxconn’s manufacturing prowess to take on established automakers.
An automobile, on the other hand, is more than an iPhone on wheels.
Bakr Sadiq Agwan, an analyst with consulting firm GlobalData, stated, “You need a better and wider supply chain.” “EV production is a little more difficult than smartphone production.”
Foxconn has also made arrangements with providers of electric vehicle batteries and supplies, and in August purchased a Taiwan semiconductor factory to produce car electronics. Mr. Liu stated in September that he plans to use improved semiconductor and battery technologies to expand Taiwan’s EV supply chain and remove the primary challenges to EV adoption, which include long charging times, limited range, and exorbitant prices.
“Our EV customers will have no future capacity challenges as a result of these preparations,” he stated.
William Wei, a former Apple employee who was hired by Foxconn last year and now manages the development of a software and hardware platform for electric vehicles, was hired by the company last year.
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