Apple iPhone maker Foxconn says it wants to build cars for Tesla

Apple iPhone maker Foxconn says it wants to build cars for Tesla
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Young Liu, chairman of Foxconn Technology Group, speaks in front of the Model C electric car during an event in Taipei, Taiwan, Tuesday, Tuesday. 18, 2022. Liu said he hopes one day Foxconn will produce cars for Tesla.

I-Hwa Cheng | Bloomberg | Getty Images

Foxconnthe biggest assembler Apple’s iPhones, wants to build a car for a day Teslathe CEO of the company said that it further boosts the production of electric cars.

Hon Hai Technology Group, the official name of Foxconn, unveiled two electric vehicle prototypes on Tuesday – the Model V pickup truck and the Model B sports crossover hatchback.

However, Foxconn does not want to sell its own branded cars. wants instead designing and manufacturing cars for other car manufacturers. The company claims it can cut vehicle design time in half and development costs by a third for automakers looking to use its services.

The Taiwanese firm has big ambitions. Foxconn CEO and Chairman Young Liu said on Tuesday that the company is aiming for a 5% global market share in electric car production by 2025, and said it hopes Tesla will become a customer.

“I hope one day we can make Tesla cars for Tesla,” Liu said.

Tesla currently manufactures its cars in its factories around the world – in the United States, Berlin and Shanghai.

Elon Musk’s Tesla was not immediately available for comment when contacted by CNBC.

Over the past two years, Foxconn has been ramping up its electric car business.

Last year, the company showed three prototype cars. Two of them are currently on the way. The Model T electric bus is part of the public transportation system in Taiwan, and the Model C is a production vehicle branded as the Luxgen n7 by Taiwanese automaker Yulon Motor.

Liu said Foxconn wants its customers to sell “a lot of EVs.”

Foxconn has built its business in consumer electronics manufacturing and assembly over the past few decades. But the company is now looking to diversify into new areas with a major focus on electric vehicles.

The five concept cars show that Foxconn “can design and produce EVs that look good and can withstand safety,” Liu said.

Part of its current strategy is to showcase its capabilities in the electric vehicle space at a time when many companies are entering the market, especially those not traditionally in the automotive space.

For example, a smartphone manufacturer in China Xiaomi and internet company Baiduthere is electric car companies started operating In order to means of mass production.

Foxconn could be an option for companies looking to dabble in electric vehicles without the need to make huge investments in their own design and manufacturing facilities.

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