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News In Brief Business and Economy

Foxconn's Sight On Markets Of India, Europe And Latin America

News In Brief Business and Economy

Foxconn's Sight On Markets Of India, Europe And Latin America

foxconn-s-sight-on-markets-of-india-europe-and-latin-america

News Synopsis

The chairman of Foxconn, a Taiwanese tech company has said that the company, Foxconn will be making electric vehicles in India, Europe, and Latin America. The company's aim is to become a major player in the market of Electronic Vehicles. It has also signed a deal with U.S. startup Fisker Inc and also with Thailand's energy group PTT PCL. 

The details for the plans are still not out due to restrictions. He also said that the timeline for the production would have Europe on the first spot then India and Latin America would be the last spot. There is also a possibility of having Mexico appearing on the list as well as the chairman has previously mentioned Mexico as a possible production site for electronic vehicles. 

The company has also bought a factory from the U.S. to start a corporation for the manufacturing of electric cars. The company has set the target to be the provider for the components or services for 10% of the world's EVs by 2025 and 2027. Chairman Liu has also talked about Taiwan's strength in software and semiconductors and said that these are the advantages for Taiwan and this is why it is best at what it does.

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