Foxconn, one of Apple’s largest manufacturing partners, is undergoing a significant change in its supply chain. Young Liu, the CEO of the Taiwanese company, expressed that they are caught in the middle of the US-China tension. Foxconn has announced that they are exploring investment in the EV market as part of their plan to move their factories out of China.
Foxconn on EV investment to countries other than China
Young Liu, CEO of Foxconn, made important statements regarding the companies they work with, including Apple, in an interview with the BBC. Taking into account the impact of relations between the US and China, the company stated that they are interested in working in the electric car field.
Foxconn has started to move away from China strategically to avoid being caught in the middle. They have relocated some of their production lines to Mexico and Vietnam. However, this decision became complicated after the Chinese government called for “reunification.”
Foxconn aims to account for approximately 5% of the global electric vehicle market share in the coming years. CEO Liu stated that Foxconn will establish electric vehicle factories in various regions, including the US, Thailand, Indonesia, and India.
Based in Taiwan, Foxconn serves major companies such as Apple, Microsoft, Dell, and Amazon. It has become one of the world’s largest manufacturers with a revenue of $200 billion. However, it is located in a strategically significant region from a geopolitical perspective.
Additionally, we know that Apple has been conducting research in the electric car industry for some time. In the future, Foxconn could be one of the key partners in Apple’s project known as Apple Car.
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