Foxconn is in plans to build a new electric vehicle plant in global regions such as India, Europe, and North or South America by 2024. With this, the major iPhone assembler will diversify its operations into the highly growing EV market. As per a report by NikkeiAsia, citing the information from the chairman of the largest contract electronics maker in the world, electric vehicles and the emerging industry is a significant part of its growth strategy.
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.
Foxconn To Build EV Factories
Furthermore, Liu added that all its plans would have them team up with the local government or other government-recommended enterprises. He stated that they would collaborate and work with German automakers in Europe. 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.
Given that there is an increasing demand in the EV market all over the world, it is quite evident that the manufacturing unit by Foxconn will help grow with this trend.