Foxconn aims to get 5% of global market share for EV business by 2025

Foxconn is planning to capture around 5 per cent of the market share globally in the electric vehicles (EV) by the end of 2025.

Foxconn, the world's largest electronics contract manufacturer and Apple's main iPhone supplier, is planning to capture around 5 per cent of the market share globally in the electric vehicles (EV) by the end of 2025.

By that time, the company also hopes to reach vehicle OEM capacity of producing 500,000 to 750,000 EVs per year, reports GizmoChina.

The brand unveiled three EV prototypes including two sedans and an electric bus under the Foxtron brand in collaboration with Taiwan's Yulon Motor.

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).

The prototypes are projected to become actual models from 2022 for Model T. The Model C is projected to be available by 2023.

Interestingly, Foxconn's product names sound eerily similar to Tesla's lineup, which comprises the Model S, Model 3, Model Y, and Model X.

The company says the Model E can travel 750 km on a single charge, and hit 100 kM an hour in under three seconds. The Model C tops out at 700 km and is about a second slower to 100 km.

Foxconn recently said it will build electric vehicle manufacturing facilities in the US and Thailand next year.

According to Nikkei Asia, the Thailand plant will be part of Foxconn's joint venture with state-run oil and gas conglomerate PTT to develop a platform for EV and component production.

Meanwhile, the US plant will serve clients such as American EV startup Fisker, for which the Taiwanese company will begin building EVs by the end of 2023.

--IANS

wh/ksk/