Foxconn To Begin Manufacturing EVs in India, Europe and Latin America By 2024

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Liu said all plans will involve partnering with local governments or government-recommended enterprises

Taiwanese contract electronics manufacturer Foxconn, which recently made its foray into the electric vehicle space, will build electric vehicle factories in Europe, India and either North or South America by 2024, chairman Liu Young-way said.

This follows the iPhone manufacturer’s event during which it revealed its maiden EVs –the Model C recreational vehicle, the Model E sedan and the Model T electric bus.

“Regional manufacturing will be a key to developing our EV business globally,” Foxconn Chairman Young Liu told reporters on the sideline of revealing the three new prototypes in Taipei.

Liu said that due to “disclosure restrictions” he couldn’t provide any details of their plans but added, “We will share details of a European facility, followed by India and then the South American market.”

Liu said all plans will involve partnering with local governments or government-recommended enterprises.

Earlier this year, Foxconn, together with its subsidiary FIH Mobile Ltd and European company Stellantis, announced that they have entered into a joint venture agreement called Mobile Drive which will focus on delivering smart cockpit solutions for vehicles.

The company has set a target to provide components or services for 10 per cent of the world’s EVs by between 2025 and 2027.

Additionally, it has vowed to turn its nascent EV venture into a $35 billion business in five years. Foxconn’s revenue from its automotive-related business is projected to surpass NT$10 billion for the first time this year.

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