TAIPEI, Oct 20 (Reuters) - Taiwan tech giant Foxconn
is looking at making electric vehicles (EVs) in
Europe, India and Latin America, including "indirectly"
cooperating with German automakers, Chairman Liu Young-way said
Foxconn, formally called Hon Hai Precision Industry Co Ltd,
aims to become a major player in the global EV market and has
clinched deals with U.S. startup Fisker Inc and
Thailand's energy group PTT PCL.
Speaking to reporters at a business forum in Taipei after
unveiling three EV prototypes on Monday, Liu said that due to
disclosure restrictions he couldn't provide any details of its
plans for Europe, India and Latin America.
"Europe will be a bit faster, I agree with that. But as to
where, I can't tell you," he said.
Asked if they would be cooperating with German car firms he
said "indirectly", saying the timeline would be Europe first,
then India and Latin America, adding that Mexico was "very
Liu has previously mentioned Mexico as a possible EV
He said they would be using what Foxconn refers to as its
BOL model, meaning Build, Operate, and Localise - investing with
partners to build and operate local factories and then sell to
In May, Foxconn and carmaker Stellantis announced
a plan https://www.reuters.com/technology/stellantis-foxconn-form-connectivity-focused-car-technology-jv-2021-05-18
to create a joint venture to supply in-car and connected-car
technologies across the auto industry.
Foxconn this month bought a factory from U.S. startup
Lordstown Motors Corp to make electric cars. In August
it bought a chip plant in Taiwan in a move to supply future
demand for auto chips.
Foxconn, best known for making iPhones for Apple Inc
, has set a target to provide components or services for
10% of the world's EVs by between 2025 and 2027, as it looks to
diversify revenue streams away from being a contract electronics
Liu, speaking earlier at the same forum, said Taiwan had a
natural edge when it came to making EVs because of its existing
strength in software and semiconductors.
"These are the advantages that Taiwan has cultivated for
many years and is best at."
Foxconn's shares closed up 0.5% on Wednesday, outperforming
a 0.1% fall on the broader market.
They are up almost 17% since the start of the year.
(Reporting by Ben Blanchard; Editing by Christopher Cushing,
Sam Holmes and Kim Coghill)