Foxconn aims to build EV factories in Europe and India by 2024

Foxconn will build electric vehicle factories in Europe, India and either North or South America by 2024, as the key iPhone assembler looks to rapidly expand its presence in the booming EV industry, the company chairman said.

The Taiwanese tech titan and world's largest contract electronics manufacturer has made EVs a key part of its growth strategy, reflecting a maturing smartphone market, reports Nikkei Asia.

"Regional manufacturing will be a key to developing our EV business globally," Foxconn Chairman Young Liu told reporters on the sideline of an industry event in Taipei on Wednesday. "We will share details of a European facility, followed by India and then the South American market."

Liu said all plans will involve partnering with local governments or government-recommended enterprises. "In Europe, through collaboration, we will work indirectly with German automakers."

A new American plant, he added, would serve the South American market though it could end up being located in Mexico, which has become an important hub for automotive supply chains and a key manufacturing base for Foxconn.

Foxconn has already made overseas forays into EVs. It recently acquired a manufacturing plant from Lordstown Motors in the US state of Ohio, which the company will use to produce full-size electric pickup trucks for the American market from April 2022. Foxconn is also building a production facility in Thailand with state-backed oil and gas company PTT to serve Southeast Asia. In China, the company is collaborating with Zhejiang Geely Holding.

Liu said Foxconn can offer open software solutions and chassis designs for carmakers, which they can customize for their target markets.

"In the past, any company set to make a brand-new car will need an investment of at least 10 billion New Taiwan dollars ($359 million), but Foxconn's service could help all the players save on cost and development time."

The iPhone assembler has vowed to turn its nascent EV venture into a $35 billion business in five years. Foxconn's revenue from its automotive-related business is projected to surpass NT$10 billion for the first time this year.

Foxconn on Monday unveiled three EV prototypes -- an SUV, luxury sedan and bus -- made by Foxtron, its joint venture with Taiwanese automaker Yulon Motors.

Yulon Chairperson and CEO Lilian Chen said her company will be one of the first to adopt Foxtron's prototypes.