On Tuesday, October 18, Foxconn parent company Hon Hai Group released their latest developments of two electric cars , Model B crossover SUV and Model V pickup electric cars.
Foxconn also revealed that plans to reach 5% of the electric vehicle manufacturing sector by 2025, and ultimately achieve the goal of nearly 50% of OEM manufacturing.
At the press conference, Foxconn Chairman and CEO Liu Yangwei emphasized that the real purpose of Foxconn's car manufacturing is not to build its own brand, but to attract cooperation from major automobile manufacturers and OEMs for "big manufacturers". He said:
"Foxconn's car manufacturing is not to compete with auto manufacturers or electric vehicle brands, but to help them produce cars. He hopes that one day Tesla will become a Foxconn customer."
To date, the ambitious Foxconn has launched 5 models, trying to take advantage of the supply chain advantages to enter the electric vehicle industry by quickly copying the " iPhone OEM" and get a piece of the market.
Foxconn's Model C SUV launched in 2021 has become a prototype of the mass-produced car of the Luxgen n7 brand of Taiwanese automaker Yulon Group.
"Hope one day to build cars for Tesla"
an apple seems to be unable to make Foxconn "fed full". As the sales situation of Apple's new mobile phones is less than expected, this will undoubtedly affect this OEM company , accelerating their pace of layout of automobile manufacturing.
On October 18th, the birthday of Foxconn founder , Terry Gou, . 72-year-old Terry Gou appeared rarely. After the press conference officially began, Terry Gou even drove the new Model B model into the scene. He smiled and said:
"I want to drive electric cars home now."
Guo Taiming emphasized that this is an important industry for industrial transformation and upgrading in addition to the semiconductor industry. He said:
"By laying out electric vehicles, Hon Hai can transform from 'manufacturing Hon Hai' to 'technology Hon Hai'."
Regarding Foxconn's future planning for the automobile industry, Foxconn CEO Liu Yangwei said:
"Foxconn's goal remains unchanged. He hopes to achieve the same market share of 40-45% as the ICT industry, but it needs to be done step by step. First, it is planned to reach 5% of the electric vehicle market in 2025."
Liu Yangwei emphasized that using their 48 years of experience in the field of ICT manufacturing, Foxconn can shorten the design time of electric vehicles by half and reduce development costs by one third. He said:
"Foxconn's biggest advantage lies in its supply chain. We are spread across 24 countries around the world, which undoubtedly has become a huge advantage for us to enter the electric vehicle industry."
He said that the pre-sale of Model C has begun, and orders exceed 15,000 in 32 hours and will be delivered one after another in the second half of next year.
When asked when Foxconn's electric vehicle production will surpass Tesla, he responded that Foxconn insisted on design and manufacturing services and expressed his hope that Tesla will become their customer one day.
market seems to not pay for Foxconn’s electric car dream. Model B released a concept video on the 10th of this month, but the next trading day US stock Hon Hai Precision's stock price not only did not rise, but fell nearly 3% to $6.49. Yesterday, on the day of the press conference, Foxconn closed down 2.29% to $6.37.
Foxconn's car manufacturing road
Foxconn began to develop its electric vehicle business since 2019.
A year later, Foxconn formed an industry alliance with suppliers of MIH and jointly developed a technology platform for designing and manufacturing cars for brand customers.
Foxconn said: "This platform will become an 'ecosystem' from solid-state battery to data management tools, allowing developers and manufacturers to share important software and hardware designs, which can help them shorten the time required to launch a new car and reduce funds."
So far, five MIH-based models have been released, including the Model B and the electric pickup Model V unveiled at the latest Hon Hai Technology Day.
In addition, in 2020, Hon Hai Group also announced the establishment of a joint venture with Taiwan Yulon, Honghua Advanced, with Foxconn holding 51% of the stake. The three models of Model E, Model T and Model C, which were first released last year, were created by the company.
Less than a month after the new company was established, Foxconn bought Lordstown Motors, an electric vehicle startup located in Ohio, USA for $230 million, becoming its first car assembly factory.
This article comes from Wall Street News, welcome to download the APP to view more
