Foxtron Reveals Three New EV Prototypes in Bid to Diversify Portfolio

With electric vehicles rising in popularity, many tech companies such as Apple have been rumored to be working on their own EV projects in order to break out into the automotive market. Now, it seems they’ll need to contend with competition from one of their closest partners. 

Last week Taiwan’s Foxconn, which is currently the world’s biggest electronics contract manufacturer, unveiled the first prototypes of their planned electric vehicle models. The three vehicles – an SUV, a sedan, and a bus – will be built by Foxtron, a venture formed as part of a partnership with Taiwanese car maker Yulon Motor.

Foxtron Vice-Chairman Tso Chi-sen told reporters that he hoped electric vehicles would be worth a trillion Taiwan dollars to Foxconn in five years’ time. This would be equivalent to around $35 billion. The initial plans for the EVs were first revealed in November 2019, and the company has been making steady progress since. Earlier this year, Foxtron announced new deals to build cars with American startup Fisker and Thailand’s energy group PTT. 

At the reveal event, billionaire founder Terry Gou revealed the new sedan by driving it on stage himself. The sedan, which was jointly developed with Italian design firm Pininfarina, will be sold by an unspecified carmaker outside Taiwan in the coming years. Meanwhile, the SUV will be sold under one of Yulon’s brands and is scheduled to hit the market in Taiwan in 2023. The bus, which will carry a Foxtron badge, will start running in several cities in southern Taiwan next year as part of a partnership with a local transportation service provider.

Foxconn has also set an ambitious target of providing components or services for 10% of the world’s EVs between 2025 and 2027. Just this month, the company purchased a factory from U.S. startup Lordstown Motors Corp to produce electric cars. In August, they also bought a chip plant in Taiwan in anticipation of future demand for automotive chips.