Foxconn sets sights on making EVs in Europe, India, Latin America

Taiwan tech giant Foxconn is looking at making electric vehicles (EVs) in Europe, India and Latin America, including "indirectly" cooperating with German automakers, chairman Liu Young-way said on Wednesday.

Foxconn, formally called Hon Hai Precision Industry Co Ltd, aims to become a major player in the global EV market and has clinched deals with US startup Fisker Inc and Thailand's energy group PTT PCL.

Speaking at a business forum in Taipei after unveiling three EV prototypes on Monday, Liu said due to "disclosure restrictions" he couldn't provide details of their plans for Europe, India and Latin America.

"Europe will be a bit faster. But as to where, I can't tell you," he said.

Asked if they would be cooperating with German car firms, he said "indirectly", saying the timeline would be Europe first, then India and Latin America, adding Mexico was "very possible".

In May, Foxconn and carmaker Stellantis announced a plan to create a joint venture to supply in-car and connected-car technologies across the auto industry.

Foxconn this month bought a factory from US startup Lordstown Motors Corp to make electric cars. In August it bought a chip plant in Taiwan in a move to supply future demand for auto chips.

Foxconn, best known for making iPhones for Apple Inc, has set a target to provide components or services for 10% of the world's EVs by between 2025 and 2027.