Foxconn\u00a0 Technology Group has announced that it is ready to unveil its first electric cars, a feat that could bolster the Taiwanese electronics manufacturer’s credentials as a serious bidder for Apple’s secret automobile project.<\/p>\n
The SUV and sedan models introduced today are vehicles that the company plans to manufacture for its customers rather than sell them under its own brand.<\/p>\n
Executives including Young Liu, president of Hon Hai Precision Industry, the main unit of Foxconn, unveiled the vehicles at a Technology Day event in Taipei.<\/p>\n
Foxconn is the largest iPhone aggregator, giving it an edge as a potential partner in Apple’s auto industry.<\/p>\n
The US company is considering expanding into the electric car sector, and as part of its aggressive drive towards cars, Foxconn agreed in late September to spend $280 million to buy an Ohio car plant from start-up Lordstown Motors.<\/p>\n
\u201cWe are no longer the new kid in town,\u201d Liu said. \u201cWe have gradually built an EV supply chain and showcased our EV hardware.\u201d<\/p>\n
Lillian Chen, president of Yulon Motor, said at the Taipei event that the Taiwanese company would be Foxconn’s first customer.<\/p>\n
Liu noted that the Foxconn Yulon electric car will sell for less than NT$1 million ($35,700).<\/p>\n
Foxconn also showcased its own electric bus, which will be delivered to the local transportation provider next year.<\/p>\n
Foxconn Group is the first among technology companies targeting electric vehicles as a source of growth beyond the assembly of low-margin electronics.<\/p>\n