Foxconn Eyes India or Thailand for New Affordable EV Aimed at Corporate Fleets
Updated: Jan 8, 2024
Foxconn is looking to produce a new low-cost electric vehicle in India or Thailand, targeting corporate delivery fleets and rental companies.
The Taiwanese manufacturing giant's EV platform unit Mobility in Harmony (MIH) aims to build a sub-$20,000 three-seater tailored for fleet use. MIH CEO Jack Cheng said the company has been in talks with convenience stores, rental firms and couriers ahead of unveiling a prototype in October.
He did not name the potential customers but said India and Thailand are top contenders for manufacturing the EV, priced between $10,000-$20,000.
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Cheng said India could be crucial for long-term growth, calling it an "emerging power for the next generation" in EVs. "You build where the potential market is," he stated, citing huge opportunities in India and Southeast Asia.
Since 2021, Foxconn has had an EV joint venture in Thailand with state energy firm PTT. But it has struggled to replicate its electronics manufacturing model in the auto industry.
The MIH consortium of suppliers aims to create an "Android for EVs" through a low-cost, customisable platform. Cheng said it could take 4 years from founding to first sales, but success in Shanghai shows EV makers can scale up quickly.
Foxconn is targeting a 5% global EV market share by 2025. MIH sales will count towards that goal, Cheng confirmed.
The firm plans to unveil the 3-seater prototype in October before starting production in 18-24 months. A 6-seater version follows in 2024 and a 9-seater in 2025.
Foxconn looking to make new affordable EV in India or Thailand
Targeting corporate fleets with sub-$20K model through MIH unit
MIH CEO touts India's growth potential for EVs
Aims to replicate Shanghai success despite struggles so far
Source: Reuters