Yulon Motor Co (裕隆) yesterday said that it plans to introduce a new own-brand electric vehicle in 2023, designed by Foxtron Vehicle Technologies Co (鴻華先進) on the MIH Open Platform backed by iPhone assembler Hon Hai Precision Industry Co (鴻海精密).
Yulon Motor would become Foxtron’s first customer.
Foxtron, a venture of Yulon Motors and Hon Hai, was set up with initial capital of NT$15.58 billion (US$560.63 million at the current exchange rate) in November last year.
Photo courtesy of Hon Hai Precision Industry Co
Yulon Motor’s own-brand Luxgen Motor Co (納智捷汽車) might build its new electric vehicles using Foxtron’s electric vehicle prototypes, including the Model C sports utility vehicle and the Model E sedan, Yulon Motors vice president Lee Chien-hui (李建輝) told an online investors’ conference.
“In Taiwan, Luxgen will be the first to introduce electric vehicles designed by Foxtron. The project will kick off next year in preparation for the launch in 2023. All vehicles will be made in Taiwan,” Lee said. “The Model C will be the first one introduced to the domestic market.”
Yulon Motors has made inroads into electric charging through its subsidiary YES-Energy Service Co (裕電能源), which has this year installed 2,200 charging piles at parking lots and shopping malls, Lee said.
Yulon Motors reported that its net profit more than doubled to NT$3.41 billion in the first three quarters of this year, up from NT$1.56 billion a year earlier, thanks to the implementation of a major restructuring plan at Luxgen last year.
Earnings per share soared to NT$3.49 in the three-quarter period, up from NT$1.54 a year earlier, company data showed.
However, non-operating profit plunged 46 percent to NT$1.62 billion from NT$2.98 billion a year earlier, as the auto chip shortage hit sales of Luxgen and Yulon Nissan Motor Co (裕隆日產) vehicles in Taiwan and China.
This also led to a 1 percent decline in revenue in the first three quarters to NT$57.76 billion, down from NT$58.55 billion a year earlier.
Yulon Nissan distributes Nissan and Infiniti vehicles in Taiwan, and sells cars in China via Dongfeng Nissan Ltd (東風日產), its joint venture with China’s Dongfeng Automobile Co (東風汽車).
Yulon Motors said that the opening for its property development project in New Taipei City’s Sindian District (新店) has been postponed from the end of next year to the first quarter of 2023, due mainly to the COVID-19 pandemic.
Separately, Yulon Nissan said that it is in talks with Nissan Motor Co to raise vehicle prices, after local rival Hotai Motor Co (和泰汽車), which distributes Toyota and Lexus vehicles in Taiwan, early this month hiked prices for five major imported vehicles by as much as 3.4 percent.
“All automakers are facing stiff pressure amid surges in raw material and transportation costs,” Yulon Nissan vice president Chung Wen-chuan (鐘文川) said.
The company saw net profit last quarter dip 43 percent annually to NT$2.23 billion, from NT$3.82 billion a year earlier.
It expects local sales to fall about 1.6 percent to 437,000 units this year from 444,000 units last year.
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