It's no secret that Foxconn has now turned its attention to electric cars. Hon Hai Precision, the parent company that assembles iPhones and computers, has built the bank, but it also wants a piece of the electric footprint, especially as governments try to power everything.
Photo: Two Lordstown Motors employees carry a stamped steel-and-aluminum piece of bearing body
when it bought GM's Lordstown Motors facility, and it was spent $240 million to rebuild Build it to build an electric truck for endurance. However, it has been in financial trouble ever since, and is now the subject of two separate cases from the Department of Justice and the Securities and Exchange Commission. Foxconn president Jung Liu says the Lordstown plant will help guide the electric company's efforts, as it was already planning to build an EV plant in North America. Earlier this year, Liu told investors that Foxconn plans to invest $1 billion in a plant that can produce 10,000 electric cars per month.
MIH Foxconn Platform, “Android Industry EV System”
It is basically a bare-bones EV platform that major brands and startups can customize. The project is called MIH and is currently supported by more than 400 companies, including Texas Instruments, ST Micro, Amazon Web Services, MediaTek and Qualcomm.
Foxconn's new open source "3 + 3" EV platform intends to increase its gross margin to at least 10% by 2025. With the development of electric vehicles, the company is significantly increasing its chances of achieving this goal. Liu says the goal is to produce three million electric cars annually by 2027, which will be 10 percent of the estimated global volume that year. Chrysler Automobiles NV and Fisker, the latter of which plans to produce more than 250,000 electric vehicles annually in the United States with the help of Foxconn. Meanwhile, a new wave of electric car startups is seeking to disrupt the major automakers, and Foxconn could help them figure out how to build low-cost electric cars, each selling for tens of thousands of dollars.
Photo: Electric Pickup Truck Loading from Lordstown
Making electric cars is much more difficult than consuming electronics, but Liu is confident that the company is the driving force and has the experience to conquer any challenge. Its main advantage over traditional automakers is speed, but it depends on whether the company can develop the necessary supply chain, particularly in terms of supplying the large volume of batteries needed to build electric cars.
It is also possible that Apple could lose Foxconn while developing electric vehicles. Little is known about the state of the Cupertino mega-project for electric cars, but it's certainly on CEO Tim Cook's agenda. It is said that Cook only retired after overseeing the release of a major new line of products, which could be an electric car or a hybrid reality headset. It is expected to start production of 50,000 units by 2023 and increase to 150,000 units annually by 2030. At the same time, the company is working with battery makers and recently purchased a Taiwanese chip factory to supply semiconductors for electric vehicles. .
Foxconn has bought EV LordH plant in Ohio for $280 million and wants Android to become an electric car