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Taiwanese iPhone maker Foxconn sets sights on increasingly crowded EV market

    Taiwanese iPhone maker Foxconn sets sights on increasingly crowded EV market

    Taiwanese iPhone maker Foxconn sets sights on increasingly crowded EV market

    BANGKOK (AP) — Auto industry newcomers such as Taiwan's iPhone maker Foxconn and China's Huawei Technologies are seeking to gain an edge in electric vehicles, prompting automakers such as Japan's Nissan and Honda to announce plans to join forces to fend off a host of ambitious competition. opponent.

    Foxconn, also known as Hon Hai Precision Industry, has been grabbing links in the automotive supply chain and is one of a growing number of technology companies leveraging its electronics and communications expertise.

    Foxtron, Foxconn's automotive joint venture with Taiwanese automaker and importer Yulon Motors, showcased its Model B, a stylish electric hatchback, and automotive electronics at the Consumer Electronics Show in Las Vegas last week.

    Honda and Nissan announced plans in December to pursue a merger, with reports suggesting the move could be partly due to Foxconn's interest in Nissan.

    Here's the latest update on Foxconn's automotive ambitions.

    From iPhone to electric cars

    Whether Foxconn wants to bid for Nissan or not, it has big ambitions and has said it ultimately intends to produce four out of every 10 electric cars sold globally. The contract manufacturer has invested nearly $1.3 billion in auto-related acquisitions over the past decade, according to mergers and acquisitions research firm Mergermarket.

    In addition to its automotive manufacturing joint venture Foxtron with Taiwan's Yulon Motors, the company has a 50% joint venture with Stellantis NV to design and sell automotive semiconductors, and a 50% joint venture with major automotive supplier ZF Friedrichshafen AG of Germany. Joint venture to produce passenger cars. Car chassis. It invested in Indigo Technologies, which is commercializing a road-sensing system developed at MIT. It has also signed a cooperation agreement with Blue Solutions to develop solid-state batteries and is working with Italian car designer Pininfarina.

    Foxconn holds a 34% stake in Japanese electronics company Sharp, which has been making inroads into the automotive industry. This year, Foxconn and Sharp unveiled an LDK+ (Live, Dining, Kitchen) concept vehicle, a boxy minivan that converts into a living space with solar power and batteries and a large LCD screen.

    “Foxconn is leveraging a plug-and-play strategy similar to its electronics business to enter the electric vehicle space, a pre-emptive move in anticipation of the growing convergence of electronics and automotive technologies,” said Vivian Wong, head of M&A analysis at Mergermarkets Asia Pacific, in emailed comments. .

    Other new technology companies transform into automakers

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