Foxconn unveils three EVs as it diversifies away from consumer electronics

Apple’s iPhone partner Taiwanese electronics giant Foxconn that builds Apple’s iPhone has officially unveiled its first electric vehicles in Taipei on Monday. This shouldn’t come as a surprise because we’ve known for a while now that Foxconn wants to get into the electric-car game, so the SUV, and sedan models are concept EVs that the manufacturer plans to build for automotive customers rather than sell under its own brand.

The EV space is heating up as startups, established car companies, and tech firms — like Foxconn — place big bets on a future free of gas-fueled vehicles. The electronics manufacturer isn’t just planning its own EVs. It’s been making deals left and right in the auto sector as it’s become increasingly clear that the industry’s future is electric and Foxconn will be building the EVs under the Foxtron brand.

Foxtron Vice Chairman Tso Chi-sen told reporters that he hoped electric vehicles would be worth a trillion Taiwan dollars to Foxconn in five years time – a figure equivalent to around $35 billion.

In September, Foxconn announced it would buy the Ohio factory of electric-truck startup Lordstown Motors for $230 million. Foxconn will take over production of Lordstown’s first vehicle as part of the deal. The company is also working with Fisker, another EV startup, to manufacture its vehicles starting in 2023. 

A successful push by contract assemblers into the car industry has the potential to bring in a slew of new players and undermine the business models of traditional car companies. Chinese automaker Geely this year also laid out plans to be become a major contract manufacturer.

Industry watchers are closely watching for clues of which firms might build Apple’s electric car. While sources have previously said that the tech giant wants to launch a car by 2024, Apple has not disclosed specific plans.