Foxconn Group, known for apple foundry, is rapidly working to expand its footprint and has announced plans to tap into the fast-growing electric vehicle market.
Petronas of Thailand (PTT) announced that its Thai electric vehicle plant, a joint venture with Foxconn Group, will begin mass production in the first quarter of 2024.
If the reports are true, both companies plan to invest about $1 billion to build new factories in Thailand. Petronas estimates that initial annual production is about 50,000 units, which will later expand to about 150,000 units.
It is worth noting that Foxconn did not limit its electric vehicle production business to Thailand, but expanded it to various regions. Just a few days ago, the company announced it was working with Indonesia's ministry of investment and other companies to develop electric vehicles in the region.
The company is also considering building electric vehicle factories in India, Europe and North or South America by 2024.
Edited on 2022-02-08 17:53:12
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