Foxconn Aims at Supplying 10% of World’s EVs by 2027

Foxconn (2354.TW) has set a target to offer components or services to 10% of the world’s electric vehicles (EVs) by between 2025 and 2027. The company and has also been in talks with several car manufacturers for future cooperation and alliance, Chairman Liu Young-way stated on Friday.

Future Plans of Foxconn

The Taiwanese contract manufacturer, formally known as Hon Hai Precision Industry Co Ltd, and a substantial supplier to Apple Inc (AAPL.O). Foxconn is searching for growth from sectors such as Electric vehicles, digital health, and robots in a drive to diversify its global investments.

“We want to push Taiwan’s EV industry to the world,” Liu said in Taipei.

In January, automaker Fiat Chrysler (FCHA.MI) stated that it has plans for a joint venture with Foxconn to engineer electric cars and develop internet-connected vehicles in China.

“Hon Hai has to ready our open platform as soon as possible. We need to move fast to grab market share,” he stated, pointing towards a pledge by Foxconn to create an “open platform” to make key EV components consisting of a battery and car-internet services to automobile makers.

Working on Supply Chains

Foxconn is going to work with several automakers to reach its target goal of 10% global EVs, Liu added, constituting around three million vehicles.

However, Liu refused to give a revenue target for the EV business or details about the “ongoing talks”.

Foxconn is planning to roll out its solid-state battery for electric vehicles in 2024, which is a high-capacity energy storage device that is a substantial improvement in current batteries.

On Friday, Foxconn’s Taipei-listed shares closed up 0.6% surpassing the wide market, which ended 0.6% weaker.

Liu has stated earlier this year that Foxconn was working to create supply chains in the United States and China, amid a years-long drive to diversify its investments around the world.