Foxconn to release 2 more EV models in 2022

Foxconn Chairman Young Liu revealed on Thursday (Feb. 10) that the company is scheduled to release two more new electric vehicle models this year to tap into the growing EV markets in India, the U.S., and Thailand.

The focus on these industries will help bolster Foxconn's business revenue in semiconductor-related growth from 10% to 20%, while auto parts revenue could also see significant growth to NTD$20 billion.

Last year, Foxconn was able to release its EV bus Model T, and two models of passenger vehicles, Model C and Model E, on Hon Hai Tech Day last year. Liu said he hopes they will be able to release two more different-sized vehicles for different usages a year later.

The Model E is positioned as a luxury sedan, while Model C is an SUV geared for family usages, with the latter slated for sale in 2023 in Taiwan. Model T is slated for mass production in March, and will be initially deployed within Taiwan. It is believed that Kaohsiung residents will be able to ride on a Model T as soon as this year ends.

Indonesian Investment Minister Bahlil Lahadalia previously stated that Hon Hai had bookmarked USD$8 billion to invest in the local battery and electric vehicle industry chains for Q3. In response, Liu said that there are five companies that are pooling into the investment, and Hon Hai is one of the five companies; the two parties signed the MOU at the end of January and are scheduled to sign a formal contract in March.

At the end of January, Hon Hai signed an MOU with the Indonesian Ministry of Investment, the Indonesian Battery Company (IBC), Indika Energy Company (Indika Energy), and Gogoro, focusing on the battery and electric vehicle-related industry chain. It is understood that Hon Hai plans to build a 200-hectare factory in the Batang Industrial Zone in Java, Indonesia, where it will manufacture EVs, communication parts, and electric vehicle batteries.

In the U.S. EV market, Liu pointed out that the electric pickup truck Endurance developed with its partner Lordstown will be mass-produced in the third quarter; the EV factory in cooperation with Thailand's PTT Group will start construction this year, and begin mass production in the first half of 2024 at the earliest.