Foxconn, best known for assembling electronics, has been actively announcing partnerships and plans to produce electric vehicles for over a year. Now that plan is taking shape, as the company unveiled three EV models earlier this week.
“Foxconn has been very cautious regarding its entry into the EV market,” says Soumen Mandal, an automotive-focused analyst with Counterpoint Research. “If we follow the roadmap, we can see that Foxconn is slowly entering the EV market by making JV and partnerships in one segment at a time, gathering knowledge and then moving to the next.”... [+]
stepping out of the Foxtron concept electric sedan during its unveiling at the Hon Hai Tech Day event in Taipei, Taiwan, on Monday, Oct. 18, 2021.Over the past year, the company has averaged one partnership announcement per month, in turn “creating a Hon Hai electric vehicle supply chain and distribution network,” Chairman Young Liu said in a company statement. He says Foxconn, formally Hon Hai Precision, now has an “electric vehicle supply chain and distribution network.
Southeast Asian consumers will probably form Foxconn’s first market for own-brand EVs, Mandal says. The manufacturer already has goodwill in Southeast Asia, he notes, “and the competition with mainstream players will be relatively less.” In the West, he adds, Foxconn would “slowly penetrate.”that makes motors, batteries and electronics for third parties, says Sam Abuelsamid, Michigan-based principal research analyst at research firm Guidehouse Insights.
“There are many startups globally that are trying to break into the EV and autonomous vehicle markets, especially in China, and most don’t have the resources to engineer or manufacture a full vehicle,” Abuelsamid notes. “Foxconn wants to leverage its scale to enable these companies to get up and running, eventually becoming a major contract manufacturer of vehicles just as it is for consumer electronics already.
“Foxconn definitely has expertise in managing supply chains, especially in China,” he adds, “and it understands how to build electronic devices in huge quantities.”
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