iPhone maker looks to make half the world’s EVs

Foxconn is hoping to have an eventual 45% share of the electric car market

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Foxconn, the company which makes iPhones, has announced its desire to become the manufacturer of half the world’s electric vehicles (EVs).

It is currently the largest electronics maker in the world, boasting a remarkable 45% of the global communications technology market.

On this figure relating to EVs, Chief Executive of the company, Liu Young-Way said: “Hopefully we can achieve the same as in the ICT industry.”

Foxconn has launched two new prototype electric cars to be sold on the market – and it started manufacturing EVs in 2019.

Last year it reported revenues of $215 billion (£190bn) from making the key components for smartphones and other electronic equipment.

The business has agreed to make chips and EV solutions with auto-giant Stellantis – and is currently producing an electric pick-up truck for a start-up in Ohio.

By 2025, it is aiming to own 5% of the global EV market – estimated to be worth $31 billion (£27.4bn).

Lio added: “Our line-up of five EVs in the past 24 months is to show our customers and future customers that we can design and build EVs that are good looking and can stand up to safety.

“Foxconn is not in the business of selling its own EV brand. I hope one day we can do Tesla cars for Tesla.”