Foxconn is planning to build a new electric vehicle plant in India, Europe, and either North or South America by the year 2024. This marks a major move for the major iPhone assembler who is diversifying its operations into the growing EV market.
According to a NikkeiAsia report, the news arrives from the chairman of the world’s largest contract electronics maker. In other words, electric vehicles and its emerging industry is a key part of its growth strategy. Young Liu, Chairman of Foxconn stated that “Regional manufacturing will be a key to developing our EV business globally. We will share details of a European facility, followed by India and then the South American market.”
Liu further added that all of its plans will have it partner up with local government or government recommended enterprises. He said that “In Europe, through collaboration, we will work indirectly with German automakers.” Furthermore, a new America factory would also serve the South American market, with the site possibly ending up being located in Mexico, which is now a crucial hub for automotive supply chains and an important manufacturing base for Foxconn.
As of right now, the company is increasing its efforts to enter the EV segment, with a recent acquisition of a manufacturing plant from Lordstown Motors in the US state of Ohio. This plant will be used to produce full size pickup trucks for the American market from April 2022. The company is even building a production facility in Thailan as well, working with the state backed oil and gas company called PTT for the Southeast Asian region.
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