Hon Hai sets sights on electric car market

10/17/2020 07:34 PM
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Hon Hai Chairman Liu Young-way. CNA photo Oct. 16, 2020
Hon Hai Chairman Liu Young-way. CNA photo Oct. 16, 2020

Taipei, Oct. 17 (CNA) Taiwan-based manufacturing giant Hon Hai Precision Industry Co., also known as Foxconn, said Friday it is poised to enter the electric car market as part of its efforts to diversify its product portfolio.

On Foxconn Technology Day, Hon Hai Chairman Liu Young-way (劉揚偉) said the company has set up a joint venture with the Yulon Group, one of the leading carmakers in Taiwan, and they are scheduled to start rolling out electric cars in two years' time.

Under the joint venture, Yulon subsidiary Hua-Chuang Automobile Information Technical Center Co. (HAITEC) will produce new electric car models every two years, Liu said.

CNA photo Oct. 16, 2020
CNA photo Oct. 16, 2020

HAITEC will focus on automobile design and its MIH Open Platform, which will provide hardware and software to other carmakers for electric car development, while integrating Hon Hai's electronics and information device design and manufacturing expertise, he said.

According to Hon Hai's Chief Technology Officer William Wei (魏國章), his company is hoping that the MIH Open Platform will become the Android of the electric car industry.

As part of Hon Hai's efforts to diversify its product portfolio, the company is also working on an electric vehicle solid-state battery, which will be released in 2024, he said.

According to Hon Hai, it is investing NT$7.94 billion (US$274 million) for a 51 percent stake in the joint venture, while Yulon's share will be 49 percent with an in-kind investment of NT$7.63 billion, using its assets in the MIH Open Platform.

In January, one month before it announced the partnership with Yulon, Hon Hai said it was planning a 50-50 joint venture with Italian-American car maker Fiat Chrysler to produce electric cars and enter the Internet of Vehicles (IOV) business.

(By Chung Jung-feng and Frances Huang)

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