At the unveiling in Taipei, Foxconn Chairman Liu Young-way said he's targeting a 10 percent share of the global EV market as soon as 2025.
Apple Inc. still accounts for about 50% of overall sales of Hon Hai, also known as Foxconn Technology Group, but the company is seeking to diversify from its role as the assembler of consumer electronic goods like Macbooks and Sony Playstations. The Taiwanese company now supplies some components to Tesla Inc.
The company has been in talks with multiple automobile manufacturers, he said, but declined to provide details citing "ongoing talks".
"We want to push Taiwan's EV industry to the world", Liu said in Taipei.
Foxconn also offers programs that developers can build on, some of which relate to vital functions and driverless cars, as the company appears to be trying to assemble nearly all of the parts required for an entire vehicle. (NYSE: FCAU) was in talks with Hon Hai to create a joint venture to manufacture a new generation of EVs in China. FIH Mobile will provide software solutions for automotive systems in electric cars, the company said. "We need to move fast to grab market share", he said.
In order to reach its target of 10% global EVs, which is thought to consist of approximately three million vehicles, Foxconn will work with a range of different automakers.
Why It Matters: The Taipei-headquartered company has plans to launch its first solid-state battery for EVs in 2024, which Liu said is a high-capacity storage device that improves on its current offerings, as per Reuters.
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.