Shortly after the post-new year work resumption ceremony at Foxconn’s Tucheng headquarters, CEO Young Liu unveiled during the ensuing press conference that Foxconn holds additional surprises in store with regards to EVs this year, as the company intends to reveal two new EVs on Foxconn Technology Day in response to different use cases.
With regards to EV strategy, Young Liu disclosed that the company has been collaborating with US-based light commercial electric truck supplier Lordstown Motors on the Endurance line of electric pickups, set to enter mass production as early as 3Q22 as Foxconn’s first passenger vehicle, while the March release of Foxconn’s electric bus will mark the company’s first foray into the world of commercial vehicles. On the other hand, Foxconn’s EV production line in Thailand is also expected to break ground this year with an estimated completion time of 1.5 to 2 years, meaning mass production can be expected in 2024 at the earliest.
With regards to Foxconn’s automotive component business this year, Young Liu forecasts annual sales totaling NT$20 billion for 2022, though precise figures remain to be seen due to the ever-changing business environment. With regards to semiconductors, Foxconn’s sales neared the NT$100 billion mark for 2021, and business is expected to improve this year by about 10-20%.
As well, Bahlil Lahadalia, Indonesia’s Minister of Investment, previously indicated during an online investment conference that Foxconn is expected to manufacture EVs and batteries in Indonesia. The company operates a 200-hectare factory in the Batang industrial zone, allocated for EV, telecom component, and EV battery manufacturing with a total investment of about US$8 billion (about NT$222.6 billion).
In response, Young Liu indicated that the US$8 billion sum represents the combined total investment from various parties, of which Foxconn is one. Foxconn signed an MOU with certain Indonesian enterprises for EV development and expected to formalize the deal in March.
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