“Europe will be a bit faster, I agree with that. But as to where, I can’t tell you,” he stated.
When asked about working together with German carmakers, he said that it would be an “indirect” cooperation, while confirming that production in Europe would be prioritized timewise and that Mexico was also a possibility (as far as Latin America is concerned), reports Reuters.
Foxconn refers to its business model as BOL, meaning Build, Operate and Localize. Basically, they invest with partners to build and operate local factories and then sell the products to local consumers.
Earlier this year, Foxconn and Stellantis announced a plan to create a joint venture for supplying in-car and connected-car technologies for the entire industry. The Taiwanese firm also bought a factory from U.S. startup Lordstown Motors, as well as a chip plant in Taiwan – the latter already looking like a really smart move.
“These are the advantages that Taiwan has cultivated for many years and is best at,” added Liu while referring to Taiwan’s strength in software and semiconductors.
One near-term endgame for Foxconn, which is still best-known for making iPhones, is to provide components or services for 10% of the world’s EVs either by 2025 or 2027. Yesterday, its shares were up 0.5% and are up almost 17% since the start of the year.