Iphone Partner of Apple, Foxconn unveils EV, clear signal of Expansionist Move

Chi-Sen Tso, Foxtrons vice chairman, estimates that EVs may quickly become a key business for Foxconn.
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Chi-Sen Tso, Foxtron's vice chairman, estimates that EV's may quickly become a key business for Foxconn.

Highlights

Foxconn is the world’s largest assembler of iPhones and it is no secret in global consumer electronic space, but recently its foray into the world of electric vehicle is viewed as a clear expansionist move.

Foxconn is the world's largest assembler of iPhones and it is no secret in global consumer electronic space, but recently its foray into the world of electric vehicle is viewed as a clear expansionist move.

We find not only traditional auto companies have forayed into manufacturing electric vehicles, but in recent times, varied new players have also entered the battle field, thus grabbing attention of the end customer. There are also start up galore across the world, which have mounted a challenge to auto brands, which are often decade old, few of the most formidable players in the electronic space are also making inroads.

The latest to enter the battle field is a Foxconn Technology group, which has unveiled its range of EV on Monday.

Taiwan based Foxconn is the world's largest assembler of iPhones and it is quite well known in the global consumer electronic space. But its foray into the world of EV is viewed as clear move of expansion. The company has taken the covers off of an SUV and a sedan model recently but it also clarified its plans to build for automotive customers rather than they selling to customers under its own brand.

The young Liu, Chairman of Foxconn's Flagship unit Hon Hai Precision Industry Co, stated we are no longer the new kid in town, We have gradually build an EV supply chain and showcased our EV hardware.

The above move into EVS might be very significant, the reason being Foxconn may now possibly become a serious bigger for Apple inc. 's secretive automotive project. While the project has been very closely guarded, definitely, it is no secret that Apple has been eying the mobility space for sometime now.

The apple car is usually dubeed as icar, it may well be the crowning jewel for EV manufacturers and it Is speculated that because of good relations with the apple, technology company, Foxconn may have an added advantage.

Closer to home, however, Yulon Motor Co. would be the 1st electric car customer for Foxconn. Company officials have confirmed this at the event on Monday. But while the Foxconn, has already showcased its EV platform previous year, it is yet to start sales of any EV yet. Once it does, it would have the arduous task of taking on few of the biggest players across the world such as Tesla, Volkwagen and Hyundai.

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