Foxconn Unveils Three New Electric Vehicle Prototypes

In Brief

Founded: 1974

Headquartered: Taiwan

CEO: Terry Gou (Founder)

Website: Foxconn

Founded in 1974 by CEO Terry Gou, Foxconn (also known as Hon Hai Precision Industry Co., Ltd.), is a leading manufacturer of electronics and technology solutions provider. The manufacturer harnesses its expertise in software and hardware, integrating these solutions with advanced technologies such as cloud computing, mobile devices, IoT, big data, AI, smart networks, robotics and automation. Foxconn provides its solutions to the likes of Apple, Dell, Google, and Amazon.

In 2020, Foxconn’s revenue exceeded US$190bn, ranked 26th on the Fortune Global 500 rankings, and 25th in Forbes’ Top 100 Digital Companies.

Hon Hai Tech Day

By 11:00AM in Taiwan, October 18, Foxconn marked a major milestone in the manufacturer’s business development. 

It was speculated earlier in the year (2021) that the electronics manufacturer had plans to branch out into new markets, investing in the production of electric vehicles (EVs). These plans looked more and more likely as the manufacturer secured agreements with leading organisations in EV production including Byton, Zhejiang Geely Holding Group, PTT, Gigasolar and Fisker.

Today, Foxconn - following recent announcements to invest in the construction of EV Factories in the US and Thailand - has unveiled its first three prototypes for its own EVs. 

At the event, Foxconn detailed its ambitious plans to diversify its product portfolio away from building consumer electronics. 

The vehicles unveiled included an SUV, a sedan, and a bus made by Foxtron, the joint venture between Foxconn and Yulon Motor Co Ltd. The company expects its EV portfolio to be worth US$35bn in five years time. "Hon Hai is ready and no longer the new kid in town," stated Young Lui, Chairman at Foxconn.

With the event marking the birthday of Foxconn founder Terry Gou, You entered the stage to the ‘happy birthday’ tune, driving the sedan prototype which was jointly designed by Foxconn and Pininfarina. 

In the next few years, Foxconn will be selling the sedan via a carmaker outside of Taiwan (yet to be specified), with the SUV being sold by one of Yulon’s bands; the SUV is expected to be in the market by 2023. In addition to these two vehicles, Foxconn’s bus will bear the Foxtron badge, running in several southern Taiwan cities as of 2022. 

Foxconn has set its target to provide components or services for 10% of the world’s EVs between 2025 and 2027.