Foxconn announces that it will manufacture electric cars

Foxconn is a large industrial group with headquarters in Taiwan and large manufacturing plants in Taiwan, China, Malaysia, Brazil and other countries. It is well known because it makes 60% of Apple's products, but it also makes for other big clients like Sony, Dell and many others.

Its strong point is the manufacture of electronic products, but it seems that it has seen clearly the enormous development of electric cars, and it wants to play an important role in that niche that is already large, and that also everything indicates that it is going to have enormous growth. in the very near future.

Foxconn, the Taiwanese electronics giant known for making Apple products, is taking a big step into the electric vehicle (EV) market. The company has ambitious plans to become a major player in the electric vehicle industry and is already taking steps to achieve its goals.

In 2021, Foxconn announced the creation of a new subsidiary called Foxtron, which will focus on the development and manufacturing of electric vehicles. Foxtron has already unveiled two concept electric vehicles, the Model C and the Model E, and plans to start production of these vehicles in 2024.

In addition to developing its own EV models, Foxconn is also working with other companies to make its EVs. For example, Foxconn is partnering with Fisker to build Pear, an affordable electric vehicle due to go on sale in 2023. And it's also in talks with other automakers, including Geely and Lordstown Motors, about potential manufacturing partnerships.

In the photo below you can see the inside of a Foxconn manufacturing plant, and its enormous size

Foxconn's entry into the electric vehicle market is important for several reasons. First, it shows that the company is taking the electric vehicle industry seriously. Foxconn is not a newcomer to the auto industry, but it has never tried to build a complete vehicle before. The company's decision to enter the electric vehicle market is a sign that it believes that electric vehicles are the future of transportation.

Second, Foxconn's entry into the EV market could shake up the auto industry, as Foxconn is a major player in the electronics industry and has a lot of experience in manufacturing complex products. The company's entry into the electric vehicle market could give it a significant advantage over traditional automakers, which don't have as much experience making electronics.

Third, Foxconn's entry into the EV market could help accelerate EV adoption, as Foxconn has the potential to make EVs at a lower cost than traditional automakers. This could make electric vehicles more affordable for consumers, which could lead to an increase in demand for electric vehicles.

Overall, Foxconn's entry into the EV market is a positive development for the industry, and could help accelerate EV adoption, which would be beneficial for the environment and consumers.

Although Foxconn has its own design capabilities, its business model is based on using external designs (especially from the USA) and manufacturing the products in large factories in Asia (China and other countries). And this is a business model that still has a long way to go.

The company is investing heavily in R&D and is developing its own proprietary technologies for electric vehicles. This includes things like battery technology, autonomous driving technology, and software.

Foxconn is also building new manufacturing facilities to support its production of electric vehicles. The company has already opened a new electric vehicle plant in China and plans to open more plants in other countries.

Foxconn is not only interested in manufacturing electric vehicles, but is also interested in providing other services to the electric vehicle industry. For example, the company is working on developing a platform that will allow different car manufacturers to share components and resources.

The electric car market offers new possibilities to new "players", and not all the old car manufacturers have their future assured, far from it. And it is possible that some may disappear or be reduced to a minimum expression.

Foxconn's EV plans are ambitious, but also realistic. The company has the resources and experience to make a significant impact in the electric vehicle industry. It will be interesting to see how Foxconn's plans play out in the coming years.

I am very clear that the next few years are going to be very entertaining in the electric car market.