Foxconn Group, which is known for being Apple’s contract manufacturer, has been expanding its business and had recently announced that it entering the rapidly growing market of electric vehicles.

Now, the company’s chairman Liu Yangwei has said that the revenue in the electric vehicles market is still dominated by software and parts and the revenue for the vehicle itself will not be noteworthy until at least a year.

He further added that the company’s goal is to capture around 5 percent of the market share globally in the electric vehicles market by the end of the year 2025. By that time, the company also hopes to reach vehicle OEM capacity of producing 500,000 to 750,000 electric vehicles per year.

Liu Yangwei also talked about the competition and added that the company has four major advantages over others — Localization of Operations, Software & Hardware Design, Vertical Integration, and MIH Open System.

Last month, the company announced a joint venture with the National Petroleum Corporation of Thailand (PTT) for the electric vehicles factory in the country, which will start mass production in the first quarter of 2024.

Foxconn isn’t limiting the electric vehicles production business to Thailand but it is spreading it across regions. The company has also announced that it is partnering with the Indonesian Investment Ministry along with some other firms for the development of electric vehicles in the region.

It has signed an agreement to acquire an EV 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.

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