Foxconn invests $36 mn in Gigasolar to develop EV battery materials

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Taiwan’s Foxconn said a subsidiary has invested T$995.2 million ($36 million) in Gigasolar Materials Corp to develop electric vehicle (EV) battery materials.

Foxconn, Apple’s (AAPL.O) main iPhone maker, said the investment via a private placement through a Taiwan-based subsidiary will make it the second-largest shareholder in Gigasolar, known for manufacturing solar cell materials.

The two companies will jointly develop materials for electric cars, Foxconn said in a statement on Tuesday.

Foxconn has identified electric vehicles as a key new business and has struck several deals with companies, including Italian carmaker Stellantis and Thailand’s state-run energy group.

The Taiwanese company aims to provide components or services to 10 percent of the world’s electric cars by 2025 to 2027, Foxconn chairman Liu Young-way said in October.