Foxconn sets new milestone with three EV prototypes, says GlobalData
October 19 2021; Foxconn sets new milestone with three EV prototypes, says GlobalData
Following the news that Taiwan smartphone maker Foxconn showcased three electric vehicle (EV) prototypes under its own â€˜Foxtronâ€™ brand;
Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, a leading data and analytics company, offers his view:
- Foxtron is a joint venture between Foxconn and Taiwanese car maker Yulon Motor Co Ltd. The prototypes, which include a SUV, sedan and a bus, endorse a major milestone for the companyâ€™s EV ambition. The company expects to bring its products in Taiwan and other regional markets (unspecified as of now) between 2022 and 2023.
- The first vehicle â€˜Foxtron Model Câ€™, an electric SUV, is expected to go on sale in Taiwan in 2023. This and the other two EVs are expected to be constructed by Yulon and sold initially under one of Yulonâ€™s sub-brands such as Luxgen. Model E sedan â€“ created in collaboration with Italian design house Pininfarina, is generally expected to be offered by a third-party automaker through a partnership with Foxconn. This could see Model E becoming a Fisker product or even be offered under a Dodge, Alfa Romeo or Maserati brand via Foxconnâ€™s Stellantis partnership. There have been rumors for years that Apple might be preparing to offer its own branded electric vehicle â€“ if this proves true, Foxconnâ€™s Model E could be an appropriate candidate for the partnership.
- Finally, Foxconn showed the Foxtron Model T, a single-decker electric bus designed for urban routes. The company also confirmed that this was expected to begin running commercial routes in several cities across Taiwan as early as 2022 in partnership with local transit authorities. The bus is likely to retain the Foxtron branding.
Foxconn has established a number of acquisitions and deals to ensure that it has the capability to build all these electrified vehicles. The company has partnered with state-owned PTT PLC which aims to roll out EVs by 2023 and acquired the Lordstown Motors EV plant in Ohio, US recently to manufacture Foxconn and/or partnerâ€™s vehicles.Â Additionally, it has inked an agreement with Taiwanâ€™s Giga Solar Materials group for battery raw materials worth around US$36m. It has also set a tentative target of 2024 to incorporate solid-state cells into its EV platform. The investments are expected to help Foxconn lead ahead of its planned timeline and achieve its target of providing component or services for 10% of the worldâ€™s EVs between 2025 and 2027.â€???