Taiwan-based manufacturing giant Hon Hai Precision Industry Co (鴻海精密), which unveiled three electric vehicles (EVs) on Monday, expects its EV business to generate NT$1 trillion (US$35.8 billion) in sales for the group in five years.
Speaking to reporters after the introduction of the three EV prototypes, Hon Hai chairman Young Liu (劉揚偉) said that the company, known as Foxconn Technology Group (富士康科技集團) globally, expects its EV business to begin generating revenue next year at the earliest.
Sales momentum is expected to pick up in 2023 and revenue could potentially reach NT$1 trillion in five years, Liu said.
Photo: Ritchie B. Tongo, EPA-EFE
At the Hon Hai Tech Day on Monday, the iPhone assembler launched three self-developed EV models: a Model C sports utility vehicle, a flagship Model E passenger car and a Model T electric bus.
The venture, named Foxtron Vehicle Technologies Co (鴻華先進), is a collaboration between Hon Hai and Yulon Motor Co (裕隆汽車).
Foxtron is promoting the company’s MIH Open Platform for EV development, as Hon Hai aims to transform the platform into the “Android of the electric vehicle industry” in its bid to penetrate the global EV market.
As of June, more than 1,680 companies had joined the platform, including Bosch and Continental AG — both of which manufacture automotive parts — and tech giants Microsoft Corp and Oracle Co.
The open platform is expected to provide business opportunities to the members, Liu said.
In February, Hon Hai announced that it had joined forces with Fisker Inc, a US EV maker, to build a new EV model under the US brand, with the goal of starting mass production by the fourth quarter of 2023.
While Fisker has its own EV platform, if the MIH Open Platform could provide competitive solutions in chassis production, Liu said that he expects the US brand to consider switching platforms.
The EV business is so huge that Hon Hai plans to manufacture its EVs regionally, with plants in the US, South America, Europe, the Middle East, India, Southeast Asia, East Asia and China, while using the common auto chassis from the platform, he said.
The diversification of manufacturing allows Hon Hai to cater to different markets and lower production costs, Liu added.
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said second-quarter revenue is expected to surpass the first quarter, which rose 30 percent year-on-year to NT$118.92 billion (US$3.71 billion). Revenue this quarter is likely to grow, as US clients have front-loaded orders ahead of US President Donald Trump’s planned tariffs on Taiwanese goods, Delta chairman Ping Cheng (鄭平) said at an earnings conference in Taipei, referring to the 90-day pause in tariff implementation Trump announced on April 9. While situations in the third and fourth quarters remain unclear, “We will not halt our long-term deployments and do not plan to
TikTok abounds with viral videos accusing prestigious brands of secretly manufacturing luxury goods in China so they can be sold at cut prices. However, while these “revelations” are spurious, behind them lurks a well-oiled machine for selling counterfeit goods that is making the most of the confusion surrounding trade tariffs. Chinese content creators who portray themselves as workers or subcontractors in the luxury goods business claim that Beijing has lifted confidentiality clauses on local subcontractors as a way to respond to the huge hike in customs duties imposed on China by US President Donald Trump. They say this Chinese decision, of which Agence
RSS