Shulou(Shulou.com)11/24 Report--

Foxconn Chairman and CEO Liu Yangwei said Tuesday at the company's annual technology day that he hopes to one day produce electric cars for Tesla.

As an assembler of Apple's iPhone, Foxconn plans to expand its business into transportation. Liu Yangwei made the comments at the launch of two Foxconn electric vehicle prototypes, the Model B crossover SUV and the Model V pickup. Foxconn hopes the two prototypes will serve as a design reference for companies planning to outsource electric vehicle manufacturing.

"Foxconn will not sell its own brand of electric cars," Liu reportedly said at the annual Technology Day. He added,"I hope one day we can produce electric cars for Tesla." "

Although its electric car business is still fledgling, Foxconn has set ambitious goals. "Based on our track record in the PC and mobile market…we have a market share of about 40 to 45 percent. "So, let's be honest, we want to be able to achieve the same results as the information and communication technology (ICT) industry. But we're going to start with a small target of about 5% by 2025. "

A year ago, Foxconn showed off three electric vehicle prototypes to the public: the Model C electric SUV, the Model E electric sedan and the Model T electric bus. Yulon reportedly plans to start selling Model C next year, when the all-electric SUV will be named the Nazhijie N7. The report also said that Foxconn production of electric buses have been put into use.

Liu hopes Foxconn can apply its expertise in technology manufacturing to car manufacturing, halving design time and cutting development costs by a third. Foxconn's electric vehicle business began in 2019 and has signed a number of high-profile agreements, including joint ventures with Yue Lung Motors and Lordstown Motors, a US electric vehicle startup. Foxconn acquired Lordstown Motors 'Ohio plant as a manufacturing base for the U.S. market.

Despite Foxconn's size, some projects have fallen short of their promises. Foxconn had planned to invest billions of dollars to build a large LCD factory in Wisconsin. Although the factory has already held a groundbreaking ceremony and started construction, Foxconn's promise has not yet been fully realized.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.