Since the launch of the first batch of electric vehicles last year, new progress has been made in the layout of electric vehicles of Hon Hai Group. Recently, Taiwan media reported that Foxconn's parent company Hon Hai Group and Thai National Petroleum Group (PTT) plan to set up a joint venture to form a Thai electric vehicle factory, which is expected to be mass-produced as soon as the first quarter of 2024. The two sides will finalize the final investment details in the first half of this year, and the total amount of the first investment of the two sides is planned to be about US$1 billion.
Foxconn Model C
In October last year, Hon Hai unveiled the first three prototypes of electric vehicles, model C, Model E and Model T, namely three different models of SUVs, cars and buses. It is reported that these models are produced by Foxtron, a joint venture between Hon Hai and Taiwan's Yulon Automobile. In addition, Hon Hai has bought a factory from U.S. startup Lordstown Motors Corp to produce electric vehicles, and it has also purchased a Taiwanese chip factory to meet future demand for automotive chips.
With the rapid advancement of the global automotive electrification transformation, the sales of electric vehicles will usher in a big explosion in the future. In addition to its own production of electric vehicles, Hon Hai has also set its sights on the auto parts market according to Hon Hai's plan, which intends to provide parts or services for 10% of the world's electric vehicles between 2025 and 2027, thereby further expanding the company's influence in the electric vehicle market.
![Touching porcelain Tesla? The Model T electric bus is about to be delivered: with a range of more than 400 kilometers[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)