Evolving from a small component-making enterprise into the colossal consumer electronics powerhouse it is today, Hon Hai Technology (aka Foxconn) is placing its bets on the realm of electric cars as it deftly maneuvers through an era of complex Washington-Beijing relations.
CEO and Chairman Young Liu emphasized that electric vehicles (EVs), with their primarily mechanical nature encompassing batteries and motors, represent a familiar language for the company.
As Foxconn progressively diverts certain supply chains away from China, the growth of the company in the forthcoming decades will be driven primarily by its EV ventures. Although the firm has produced only a limited number of models so far, the company is set to ambitiously capture a 5% share of the global electric vehicle market within the next few years. Foxconn's automotive manufacturing facilities will be established in the US, Thailand, Indonesia and potentially India.
