Foxconn, which unveiled its first electric cars and an electric bus the day before yesterday, intends to build factories for the production of electric vehicles in Europe, India and South America by 2024. Due to this, one of the largest contract electronics manufacturers intends to quickly expand its presence in the rapidly growing electric vehicle industry.
As per NikkeiAsia, the Chairman of Foxconn, Young Liu, stated that the regional manufacturing of EVs will be a key to developing their business globally. He added that they would share the details of a European facility, which will be followed by the Indian and South American markets.
It was also said that in the European region, Foxconn will deploy joint work with German automakers. As for the plant to serve the South American market, it will most likely appear in Mexico, which has become an important element in the automotive supply chain and has become a key manufacturing base for Foxconn.
Also, the new American factory will help them serve the South American market with increased chances for the factory to be located in Mexico, which is a crucial hub for the automotive supply chains and a significant manufacturing base for Foxconn.
Currently, the company is increasing its efforts to step into the EV market segment by acquiring a manufacturing plant from Ohio-based Lordstown Motors. This plant will be used to produce full-size pickup trucks for America from April next year. Also, the company is building a production facility for electric vehicles in Thailand and is working with PTT, the state-backed oil and gas company. This unit will focus on the Southeast Asian region.
According to reports, Foxconn is ready to offer automakers open software solutions and chassis designs that are suitable for creating different cars. Foxconn’s mission is to transform its nascent EV business into a $ 35 billion lucrative business in five years.