Apple supplier Foxconn to produce electric vehicles in Thailand

Foxconn’s electric vehicle platform, presented at an auto show in Taipei last October

Taiwan-headquartered electronics contract manufacturer Foxconn, a main producer of Apple’s iPhones, on May 31 announced a partnership with Thailand’s state-run energy group PTT to make electric vehicles in the country as the assembler forays into the battery-powered car market.

Foxconn, whose registered company name is Hon Hai Precision Industry, and PTT have signed a memorandum of understanding to cooperate in making electric vehicles and related components for the Thai market, the two companies said in a statement, according to Reuters and Bloomberg News.

The Taiwanese electronics giant and PTT will collaborate on hardware and software for electric vehicles. About $1 billion will be invested in the venture initially, rising to possibly $2 billion at a later stage, PTT said.

Up to $2 billion in investment in Thailand

The facility in Thailand will build on the Foxconn-led industry alliance MIH Open Platform, a network that the company said would offer manufacturers a cost-effective solution to make electric vehicles.

“This cooperation with PTT and the Thai government to realise the vision of sustainable development of the electric vehicle industry demonstrates that the MIH ecosystem is growing,” Foxconn chairman Liu Young-way said.

Lower costs for vehicle production anticipated

Foxconn, which has contracts with an impressive number of multinational consumer electronic firms, said it aims to provide components or services to ten per cent of the world’s electric vehicles by 2025 to 2027, Liu said in October, vowing to reduce manufacturing and other costs for car making with its assembling know-how as the world’s largest contract electronics manufacturer.

In its largest vehicle-assembly deal to date, Foxconn this month said it will make at least 150,000 vehicles a year starting in 2023 in a partnership with US electric car maker Fisker.



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Foxconn's electric vehicle platform, presented at an auto show in Taipei last October Taiwan-headquartered electronics contract manufacturer Foxconn, a main producer of Apple’s iPhones, on May 31 announced a partnership with Thailand’s state-run energy group PTT to make electric vehicles in the country as the assembler forays into the battery-powered car market. Foxconn, whose registered company name is Hon Hai Precision Industry, and PTT have signed a memorandum of understanding to cooperate in making electric vehicles and related components for the Thai market, the two companies said in a statement, according to Reuters and Bloomberg News. The Taiwanese electronics giant...

Foxconn’s electric vehicle platform, presented at an auto show in Taipei last October

Taiwan-headquartered electronics contract manufacturer Foxconn, a main producer of Apple’s iPhones, on May 31 announced a partnership with Thailand’s state-run energy group PTT to make electric vehicles in the country as the assembler forays into the battery-powered car market.

Foxconn, whose registered company name is Hon Hai Precision Industry, and PTT have signed a memorandum of understanding to cooperate in making electric vehicles and related components for the Thai market, the two companies said in a statement, according to Reuters and Bloomberg News.

The Taiwanese electronics giant and PTT will collaborate on hardware and software for electric vehicles. About $1 billion will be invested in the venture initially, rising to possibly $2 billion at a later stage, PTT said.

Up to $2 billion in investment in Thailand

The facility in Thailand will build on the Foxconn-led industry alliance MIH Open Platform, a network that the company said would offer manufacturers a cost-effective solution to make electric vehicles.

“This cooperation with PTT and the Thai government to realise the vision of sustainable development of the electric vehicle industry demonstrates that the MIH ecosystem is growing,” Foxconn chairman Liu Young-way said.

Lower costs for vehicle production anticipated

Foxconn, which has contracts with an impressive number of multinational consumer electronic firms, said it aims to provide components or services to ten per cent of the world’s electric vehicles by 2025 to 2027, Liu said in October, vowing to reduce manufacturing and other costs for car making with its assembling know-how as the world’s largest contract electronics manufacturer.

In its largest vehicle-assembly deal to date, Foxconn this month said it will make at least 150,000 vehicles a year starting in 2023 in a partnership with US electric car maker Fisker.



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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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