FP trendJune 1, 2021 18:52:18 IST
Foxconn of Taiwan, Apple’s leading iPhone maker, has announced a partnership with the state-owned energy group PTT Plc. As part of the deal, Foxconn and PTT are working together to build an electric vehicle in Thailand. With this transaction, Foxconn will enter the passenger car market. According to a joint statement, the two companies have signed a Memorandum of Understanding (MoU) to jointly manufacture electric vehicles and their components for the Southeast Asian market. The virtual signing ceremony was held in front of Thai Prime Minister Prayut Chan-Ocha.
The details of the development were not disclosed, but the statement added that as part of the deal, an “open platform” would be available to provide hardware and software services to other automakers.
Foxconn has partnered with US-based electric vehicle manufacturer Fisker to produce approximately 150,000 vehicles annually from 2023. Image: andreas160578 from AIX
“This cooperation between PTT and the Thai government to realize the vision of sustainable development in the EV industry shows that the MIH ecosystem is growing,” said Liu Young-way, Chairman of Foxconn. It was.
The company said it will build about 150,000 vehicles annually from 2023 in partnership with US-based electric vehicle maker Fisker Inc. This will be the largest car assembly transaction to date.
Last October, Liu stated that Foxconn aims to provide components or services to 10% of EVs worldwide between 2025 and 2027.
Foxconn has entered EV games in the last year or so and has announced deals with manufacturers such as Byton, Zhejiang Geely Holding Group and Stellantis.
Foxconn’s EV ventures can pose a threat to existing automakers. Non-traditional players may take advantage of contract assemblers like Foxconn as a shorter way to compete in the automotive market.
iPhone makers Foxconn and PTT sign memorandum of understanding to build electric cars for Thailand-Technology News, Firstpost
Source link iPhone makers Foxconn and PTT sign memorandum of understanding to build electric cars for Thailand-Technology News, Firstpost
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