Apple iPhone maker Foxconn has just announced that it is partnering up with the Indonesian Investment Ministry along with other firms for the develop of electric vehicles in the region.

According to a Reuters report, the Taiwanese Apple supplier has entered a partnership with Indonesia and other companies to help boost the EV industry. For those unaware, the company has recently been expanding outside of the smartphone industry and has entered the automobile market as of late. It had even struck a deal with US startup Fisker and Thailand’s energy group as well. Now, it is signing a memorandum of understanding (MoU) for investment in EV related technologies.

This includes battery manufacturing, which will also be backed by investment from the Indonesian Ministry of Investment and the Indonesia Battery Corporation, an energy firm PT Indika Energy, and Taiwanese electric scooter maker Gogoro. Furthermore, the partnership aims to build a “new energy ecosystem” in the Southeast Asian country for the development of EV supporting industries as well.

This would include aspects like the energy storage systems, battery exchange stations and recycling. Unfortunately, the exact scale and size of the investment is currently unknown and the production plans are also at large at the moment. Foxconn is seeking to provide components or services to 10 percent of the world’s EVs by 2025 to 2027.

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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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Taiwanese electric vehicle (EV) company Foxconn has unveiled three prototype EV models it aims to release in commercial quantities by next year at the least. The three new prototypes are a culmination of Foxconn’s partnership with Taiwan’s Yulon Motors. The three prototypes were unveiled at Foxconn’s HHTD21 event, and consist of two sedans and a bus.

Yulon Motors is the owner of the Luxgen brand. It also manufactures Mitsubishi and Nissan cars for its home market. The three prototypes are a luxury sedan (called the Model E), SUV (Model C), and transit bus (Model T). Foxconn is developing these prototypes as reference designs that could be scaled up and customized for mass production by EV brands. The driving force for the EVs is Foxconn’s MIH Consortium which is an open software and hardware platform.

The prototypes are projected to become actual models from 2022 for Model T. The Model C is projected to be available by 2023. The investment outlay of Foxconn includes the building of EV manufacturing plants in the US. Foxconn says it has plans to acquire Lordstown’s manufacturing plant in Ohio. The expansion plans are quite bold and would need a huge quantum of investment yearly and outlined by the company.

The Model T bus will have a range of 400km and a top speed of 120km/h. It comes with some advanced technologies including pedestrian warning, high crashworthiness, and advanced temperature management. The Model C SUV will be available at about $35,700 in 2023. The Model E will enter the market at an unspecified date and could offer up to 750km range.

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The world’s leading contract electronics provider, Foxconn is planning to convert its plant in the US state of Wisconsin to an EV plant, as the company continues to grapple with losses occasioned by the underutilization of the plant since its opening in 2017 during Donald Trump’s presidency.

Taiwanese company Foxconn is also a major supplier of Apple and is believed to be a possible producer of Apple iPhones in its Indian plant. It is not known at this time whether the move by Foxconn is connected to the plans by Apple to produce its own EV.

The over $10 billion Wisconsin plant was originally designed to produce advanced large-screen displays for TVs. The plant has also been put forward by Foxconn to produce liquid crystal display screens, as well as the building of servers, all within the few years it has been established.

The EV announcement was made in Taipei, Taiwan by Foxconn’s Chairman Liu Young-way who stated that the infrastructure was available to make electric vehicles at its Wisconsin plant, coupled with its proximity to the traditional hub vehicle manufacturing in the United States. He stressed that Foxconn has the capabilities to produce the major electronics that are the critical components of EV vehicle production.

In addition, the company is seriously mulling plans to set up a plant in Mexico, as an alternative if the plans for its Wisconsin plant do not scale through. The Foxconn chairman also added that the company would invest around $354 million annually over the next three years as it continues to chart new business opportunities, EV production inclusive.

It remains to be seen how firm the company is about its foray into EV production and the coming years will put that decision in proper perspective.

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