Foxconn Establishes New Electric Vehicle Company

The Foxconn Technology Group establishes a new electric vehicle company in Zhengzhou, the capital of China’s Henan province and home to the world’s largest Apple iPhone manufacturing plant, as the Taiwanese electronics contract manufacturer accelerates its EV plans amid a global decline in smartphone manufacturing contracts.

The new company, named Foxconn New Energy Automobile Industry Development (Henan), was registered on Jan. 4 with a stated capital of RMB500 million ($70.4 million), according to Chinese public records.  

Its business activities include motor production, vehicle component manufacturing and development, and New Energy Vehicle (NEV) sales, among other areas stated on the registry filing reviewed by WardsAuto.

The Foxconn Technology Group says the new company operates under the auspices of the Foxconn Innovation Industry Development Group and aims to sharpen its focus on the EV industry.

The establishment of Foxconn New Energy Automobile Industry Development follows Foxconn’s 2022 purchase of a former General Motors plant from Lordstown Motors for $230 million. That plant is located in Ohio in the midwestern U.S.

The world’s largest electronics contract manufacturer has been heavily involved in the development of EVs through its Foxtron brand. It was created to showcase Foxconn’s EV development and manufacturing expertise.

Founded in 2020, Foxtron has revealed its proprietary EV platform called Mobility in Harmony. It also has developed six EV concepts, including the Model E, Model C, Model T, Model B, Model B and Model N, in partnership with Italian design company Pininfarina and U.S. semiconductor company NVIDIA.

In October 2023, Foxconn announced two models – Model N, an electric cargo van, and Model B, a midsize hatchback – were earmarked for production.

The Foxconn Technology Group’s chief strategy officer, Jun Seki, said the company also was in talks with 14 potential customers on EV manufacturing contracts.

The Taiwanese company last week reported $198.9 billion in preliminary revenue for 2023, a decrease of 7% from 2022, citing slow market demand for its consumer electronics business in the fourth quarter, while guiding an expected continued decline in contracts during the first quarter of 2024.