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    2317   TW0002317005

HON HAI PRECISION INDUSTRY CO., LTD.

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IPhone maker Foxconn seals EV partnership with Indonesia

01/21/2022 | 07:45am EDT
The Foxconn logo is seen on the headquarters building in Tucheng, Taipei County

TAIPEI (Reuters) - Taiwan-based Foxconn said it has partnered with Indonesia's Investment Ministry and several companies to support the development of electric cars in the Southeast Asian country, adding to a string of such deals by the iPhone assembler.

Foxconn, Apple's main iPhone maker, has expanded its activities in electric vehicles (EVs) in recent years, announcing deals with U.S. startup Fisker Inc and Thailand's energy group PTT PCL.

Foxconn said it has signed a memorandum of understanding for a wide scope of investment on EVs including battery manufacturing with the Indonesian Ministry of Investment as well as Indonesia Battery Corporation, energy firm PT Indika Energy and Taiwanese electric scooter vendor Gogoro.

The cooperation, which aims to build a "new energy ecosystem" in Indonesia, also includes the development of EV supporting industries such as energy storage systems, battery exchange stations and recycling, Foxconn said in a statement.

Under the partnership, an open "MIH platform" that provides both hardware and software services will be available to companies in Indonesia, the statement said, without giving details of the size of the investment or production plans.

Foxconn aims to provide components or services to 10% of the world's EVs by 2025 to 2027, Chairman Liu Young-way has said, vowing to lower manufacturing and other costs for carmaking with its assembly know-how as the world's largest contract electronics manufacturer.

(Reporting by Yimou Lee; Editing by Alexander Smith)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.67% 147.96 Delayed Quote.-18.04%
FISKER INC. 6.18% 10.32 Delayed Quote.-38.27%
HON HAI PRECISION INDUSTRY CO., LTD. 0.48% 105 End-of-day quote.0.96%
MSCI TAIWAN (STRD) 1.39% 599.659 Real-time Quote.-20.85%
PT. INDIKA ENERGY TBK 3.04% 2710 End-of-day quote.75.40%
PTT PUBLIC COMPANY LIMITED 2.07% 37 End-of-day quote.-2.63%
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Financials
Sales 2022 6 174 B 207 B 207 B
Net income 2022 146 B 4 917 M 4 917 M
Net cash 2022 403 B 13 513 M 13 513 M
P/E ratio 2022 9,95x
Yield 2022 5,17%
Capitalization 1 461 B 49 230 M 49 048 M
EV / Sales 2022 0,17x
EV / Sales 2023 0,16x
Nbr of Employees -
Free-Float 84,5%
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Hon Hai Precision Industry Co., Ltd. Technical Analysis Chart | 2317 | TW0002317005 | MarketScreener
Technical analysis trends HON HAI PRECISION INDUSTRY CO., LTD.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 16
Last Close Price 105,00 TWD
Average target price 134,00 TWD
Spread / Average Target 27,6%
EPS Revisions
Managers and Directors
Yang-wei Liu Chairman & Chief Executive Officer
Te Tsai Huang Head-Finance & Deputy Spokesman
Kuo Cheng Wang Independent Director
Kuo Chuan Kung Independent Director
Ta wei Kuo Independent Director
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