Apple iPhone maker Foxconn says it wants to make cars for Tesla

Young Liu, chairman of Foxconn Technology Group, speaks in entrance of a Model C electrical automobile throughout an occasion in Taipei, Taiwan, on Tuesday, Oct. 18, 2022. Liu mentioned he hopes sooner or later that Foxconn can make cars for Tesla.

I-Hwa Cheng | Bloomberg | Getty Images

Foxconn, the most important assembler of Apple’s iPhones, wants to sooner or later construct cars for Tesla, the corporate’s CEO mentioned, as it pushes additional into electrical automobile manufacturing.

Hon Hai Technology Group, Foxconn’s official identify, launched two electrical automobile prototypes on Tuesday — the Model V pickup truck and Model B sports activities crossover hatchback.

But Foxconn would not need to promote its own-brand cars. Instead it wants to design and manufacture automobiles for different automakers. The firm claims that it can reduce the design time of a automobile in half and cut back the event price by a 3rd for an automaker wanting to use its companies.

The Taiwanese agency has huge ambitions. Young Liu, CEO and chairman of Foxconn, mentioned on Tuesday that the corporate is focusing on 5% market share globally of electrical automobile manufacturing by 2025, including that he hopes Tesla might be a buyer.

“I hope one day we can do Tesla cars for Tesla,” Liu mentioned.

Tesla at the moment manufactures its personal cars at its factories around the globe — in its U.S. areas and in Berlin and Shanghai.

Elon Musk’s Tesla was not instantly accessible for remark when contacted by CNBC.

Over the previous two years, Foxconn has been ramping up its electrical automobile enterprise.

Last 12 months, the corporate unveiled three prototype cars. Two of these are at the moment on the roads. The Model T electrical bus is a part of the general public transportation system in Taiwan and the Model C is a manufacturing automobile branded because the Luxgen n7 by Taiwanese automaker Yulon Motor.

Liu mentioned he wants Foxconn’s clients to promote “a lot of EVs.”

Foxconn has constructed its enterprise over the previous few a long time in shopper electronics manufacturing and meeting. But the corporate is now making an attempt to diversify into new areas, with electrical cars a key focus.

The 5 idea cars present that Foxconn “can design and build EVs that are good-looking and can stand up to safety,” Liu mentioned.

Part of its present technique is to exhibit its capabilities within the electrical automobile house at a time when many firms, particularly companies that haven’t historically been within the auto house, are leaping into the market.

In China for instance, smartphone maker Xiaomi and web agency Baidu, have launched electrical automobile firms with an purpose to mass produce automobiles.

Foxconn might be an possibility for firms trying to launch electrical automobile ventures with out the necessity to sink large investments into personal design and manufacturing ventures.

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