Foxconn Group, the company known for being a contract manufacturer for Apple, is rapidly trying to increase its footprints and has already announced its plans for entering the rapidly growing electric vehicles market.
The National Petroleum Corporation of Thailand (PTT) has announced that its electric vehicles factory in the country, which is a joint venture with the Foxconn Group, will start mass production in the first quarter of 2024.
If the reports are to be believed, then both these companies are planning to invest around $1 billion in setting up this new factory in Thailand. The National Petroleum Corporation of Thailand estimates annual production of about 50,000 vehicles initially which will later be expanded to a capacity of about 150,000 vehicles.
It’s noteworthy that Foxconn isn’t limiting the electric vehicles production business to Thailand but it is spreading it across regions. Just a few days ago, the company announced that it is partnering with the Indonesian Investment Ministry along with other firms for the development of electric vehicles in the region.
Prior to that, the Taiwanese company had also signed an agreement to acquire its first electric vehicle manufacturing plant in North America. It is a part of $280 million in deals with U.S. electric vehicle startup Lordstown Motors that also include a share purchase. It is also considering setting up electric vehicle plants in India, Europe, and either North or South America by the year 2024.
A few months ago, Foxconn unveiled three prototype EV models that the company aims to release in commercial quantities sometime this year. The three new prototypes are a culmination of Foxconn’s partnership with Taiwan’s Yulon Motors.
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