TAIPEI, Taiwan (AP) — The Taiwanese company that manufactures smartphones for Apple Inc. and other global brands announced plans Monday to produce electric cars for auto brands under a similar contract model.
Foxconn Technology Group will produce cars and buses for brands in China, North America, Europe and other markets, said its chairman, Young Liu. He said the clients can modify their appearance and features for their markets.
Foxconn, also known as Hon Hai Precision Industry Co., enters a crowded global market with electrics being offered by almost every established automaker and dozens of ambitious startups.
The flagship Model E sedan, developed with Italian design house Pininfarina, is due to be launched in 2023, the company said. It said the Model E will seat five and have a range of 750 kilometers (470 miles) on one charge.
Liu mentioned automakers Fisker Inc. and Taiwan’s Yulong Group as clients.
The newspaper Taiwan News said last week other potential customers include Stellantis, the automaker formed by the merger of FIAT Chrysler and Peugeot, but Liu did not confirm that.
Foxconn said its first electric bus, the Model T, will have a range of less than 400 kilometers (250 miles) on one charge.
Before you consider Apple, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Apple wasn't on the list.
While Apple currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
