Foxconn, Apple's main iPhone manufacturer, has set out plans to make 40-45% of the world's electric vehicles (EV) over the long term, including for Tesla Inc (NASDAQ:TSLA)
The Taiwan-based contract manufacturer unveiled two new reference designs, a sport utility vehicle (SUV) called the 'Model B' and a pickup truck named 'Model V', which it proposes to make in Taiwan, Thailand, and the USA on behalf of other automotive brands.
It will make the SUV for Italian car design firm Pininfarina
Based on its estimated 40-45% share of the global market for manufacturing electronics, smartphones and computer consoles, Foxconn chief executive Liu Young-way told media, “hopefully we are able to achieve the same” in the auto market.
“I hope one day we can do Tesla cars for Tesla," he added.
In the near term, Foxconn has said it hopes to build up to a 5% share of the EV market by 2025.
Foxconn, which launched its EV business in 2019 and in 2020 agreed the MIH open platform with suppliers to develop joint software and hardware platforms, has emphasised that it has no plans to sell vehicles under its own brand.
Liu said many people have questioned whether Foxconn can build cars, but added “when we unveiled three models a year later, everyone thought, ‘wow, how did they manage to develop three models in just a year?’ That’s the speed we’re operating at.”
Last year Liu said the car manufacturing industry will be “revolutionised” by the introduction of processes from the consumer electronics sector, as it agreed a new deal with startup Fisker Inc to co-develop a new “breakthrough” EV and manufacture at least a quarter of a million per year within the next two years.
Separately three models were also unveiled in 2021 under the Foxtron brand, a joint venture with Yulon Motor, Taiwan’s biggest carmaker.
One of these, the Model C recreational vehicle, has started production, marketed as the Yulon Luxgen n7, while production is also underway for an electric pick-up being made in the US for startup Lordstown Motors.
The Model B SUV, which uses the same platform as the Model C but with the shell designed by Italian designers Pininfarina, will have a range of 450 kilometres (280 miles) on a single charge, comparable with the Tesla Model 3 standard range.
Foxconn also has a partnership with Vauxhall, Chrysler and Citroën owner Stellantis NV (NYSE:STLA, EPA:STLA) to develop auto technology.