Foxconn invests in building electric cars in China

The company is already a partner with Tesla Motors

Foxconn's CEO Terry Gou.

Foxconn's CEO Terry Gou.

Foxconn Technology Group, the maker of Apple's iPhone, is investing at least 5 billion yuan (US$811 million) to develop electric car manufacturing in a Chinese province.

The Taiwanese company is making the investment in China's Shanxi province, it said on Wednesday. Foxconn already has two factories in the province. One of these assembles smartphones while the other is devoted to producing robots and automation equipment, it added.

Foxconn has largely focused on electronics manufacturing for clients including Microsoft, Sony and Amazon.com. But the company is branching out into new business sectors, as a way to grow its revenue streams. Analysts estimate that it makes as much as half of its revenue from assembling Apple products.

In June, Foxconn's CEO Terry Gou said that the company is targeting to build electric cars with a price of less than $15,000.

Foxconn has already been developing electric car batteries for some time, and the company has many customers for them, he added. It also manufactures the touchscreen panels found inside the electric cars from Tesla Motors.

Gou was mum in June on the exact details for the company's electric car production, and what partnerships it might include. But the Taiwanese company could end up targeting China for its electric car sales. The country is a major market, and its government has been trying to promote sales of electric cars.

Tags business issuesAutomotiveFoxconn Technology Groupindustry verticalsinvestments

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Michael Kan

IDG News Service

Comments

Comments are now closed.

Most Popular Reviews

Follow Us

Best Deals on GoodGearGuide

Shopping.com

Latest News Articles

Resources

GGG Evaluation Team

Kathy Cassidy

STYLISTIC Q702

First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.

Anthony Grifoni

STYLISTIC Q572

For work use, Microsoft Word and Excel programs pre-installed on the device are adequate for preparing short documents.

Steph Mundell

LIFEBOOK UH574

The Fujitsu LifeBook UH574 allowed for great mobility without being obnoxiously heavy or clunky. Its twelve hours of battery life did not disappoint.

Andrew Mitsi

STYLISTIC Q702

The screen was particularly good. It is bright and visible from most angles, however heat is an issue, particularly around the Windows button on the front, and on the back where the battery housing is located.

Simon Harriott

STYLISTIC Q702

My first impression after unboxing the Q702 is that it is a nice looking unit. Styling is somewhat minimalist but very effective. The tablet part, once detached, has a nice weight, and no buttons or switches are located in awkward or intrusive positions.

Latest Jobs

Shopping.com

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?