S&P 500   4,594.62
DOW   34,899.34
QQQ   391.20
S&P 500   4,594.62
DOW   34,899.34
QQQ   391.20
S&P 500   4,594.62
DOW   34,899.34
QQQ   391.20
S&P 500   4,594.62
DOW   34,899.34
QQQ   391.20

Smartphone producer Foxconn announces electric car venture

Monday, October 18, 2021 | Taijing Wu, Associated Press


One of the electric cars unveiled by Foxconn is seen during a press event held in Taipei, Taiwan Monday, Oct. 18, 2021. The Taiwanese company that manufactures smartphones for Apple Inc. and other global brands announced Monday plans to produce electric cars for auto brands under a similar contract model. (AP Photo/Wu Taijing)

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.

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Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Apple (AAPL)2.7$156.81-3.2%0.56%27.90Buy$165.89
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