Foxconn aims to grab 10% share in EV components business

Public EV Charging

Foxconn aims to provide components or services for 10 percent of the world’s electric vehicles (EVs) by between 2025 and 2027.

The Taiwanese contract manufacturer, formally called Hon Hai Precision Industry, is looking at fresh growth from sectors such as electric vehicles, digital health and robots in a drive to diversify its global investments.

Automaker Fiat Chrysler said in January it planned to set up a joint venture with Foxconn to build electric cars and develop internet-connected vehicles in China.

“We want to push Taiwan’s EV industry to the world,” Foxconn chairman Liu Young-way said in Taipei on Friday.

“Hon Hai has to ready our open platform as soon as possible. We need to move fast to grab market share,” he said, referring to Foxconn’s pledge to build an “open platform” to make key EV components including battery and car internet services to car makers.

Foxconn, which has said it will not manufacture the cars, will make key components for EVs and work with global major auto makers to reach the 10 percent goal, Liu added, representing around three million vehicles.

The company has been in talks with multiple automobile manufacturers, he said, but declined to provide details citing “ongoing talks”.

Foxconn is planning to launch its first solid-state battery for EVs in 2024, which is a high-capacity energy storage device that improves on current batteries, he said.