Foxtron Vehicle Technologies Co (鴻華先進), an electric vehicle development venture between Hon Hai Precision Industry Co (鴻海精密) and Yulon Motor Co (裕隆汽車), yesterday said it is on schedule to deliver its new electric vehicle, the Model C, but the vehicle’s commercial launch will hinge on the decision of its first customer, Luxgen Motor Co (納智捷汽車).
Foxtron’s statement came after Yulon president Yao Chen-hsiang (姚振祥) told reporters on Thursday that it would be a challenge for the automaker to ship the latest electric model, code-named the Luxgen N7, to Luxgen at the end of this year. Yulon is in the process of conducting a series of tests including safety tests on the new all-electric sports utility vehicle, Yao said.
The Luxgen N7 is based on the Model C prototype developed by Foxtron. Yulon, the parent company of Luxgen, manufactures electric vehicles for Luxgen and some gasoline-fueled cars for Nissan Motor Corp. Since Luxgen started taking preorders in September last year, the company has received about 20,000 preorders for the N7 model, which carries a price tag of about NT$1 million (US$30,990.45), which is less than prices of other electric vehicles on the market.
Photo: Yen Chen-hui, Taipei Times
Foxton said in a statement that “the development of the Model C progresses well on schedule.”
It plans to deliver the model to its customers as previously arranged, it said.
However, the launch of the Luxgen N7 should follow Luxgen’s plan, the statement said.
The Model C was slated to enter mass production in the fourth quarter of this year, Hon Hai said earlier this year.
Hon Hai targeted 10 percent of the nation’s new car market at about 200,000 units per year, company chairman Young Liu (劉揚偉) told investors in May.
Liu doubles as chairman of Foxtron.
Foxtron in July received approval from the Taiwan Stock Exchange to trade its stocks on the Taiwan Innovation Board, a secondary market that gives local start-up companies easier access to capital for business development. The approval paves the way for the debut of Foxtron shares later this month.
Foxtron reported a loss of NT$540.86 million in the first quarter of this year, according to the Taiwan Stock Exchange. The company saw its losses widen to NT$1.58 billion last year compared with losses of NT$983.1 million in 2021, the report showed.
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
An Indonesian animated movie is smashing regional box office records and could be set for wider success as it prepares to open beyond the Southeast Asian archipelago’s silver screens. Jumbo — a film based on the adventures of main character, Don, a large orphaned Indonesian boy facing bullying at school — last month became the highest-grossing Southeast Asian animated film, raking in more than US$8 million. Released at the end of March to coincide with the Eid holidays after the Islamic fasting month of Ramadan, the movie has hit 8 million ticket sales, the third-highest in Indonesian cinema history, Film
BIG BUCKS: Chairman Wei is expected to receive NT$34.12 million on a proposed NT$5 cash dividend plan, while the National Development Fund would get NT$8.27 billion Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday announced that its board of directors approved US$15.25 billion in capital appropriations for long-term expansion to meet growing demand. The funds are to be used for installing advanced technology and packaging capacity, expanding mature and specialty technology, and constructing fabs with facility systems, TSMC said in a statement. The board also approved a proposal to distribute a NT$5 cash dividend per share, based on first-quarter earnings per share of NT$13.94, it said. That surpasses the NT$4.50 dividend for the fourth quarter of last year. TSMC has said that while it is eager
‘IMMENSE SWAY’: The top 50 companies, based on market cap, shape everything from technology to consumer trends, advisory firm Visual Capitalist said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was ranked the 10th-most valuable company globally this year, market information advisory firm Visual Capitalist said. TSMC sat on a market cap of about US$915 billion as of Monday last week, making it the 10th-most valuable company in the world and No. 1 in Asia, the publisher said in its “50 Most Valuable Companies in the World” list. Visual Capitalist described TSMC as the world’s largest dedicated semiconductor foundry operator that rolls out chips for major tech names such as US consumer electronics brand Apple Inc, and artificial intelligence (AI) chip designers Nvidia Corp and Advanced
RSS