# Taiwan’s Foxconn shows off three electric vehicle prototypes Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-10-18 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Foxconn unveils first electric vehicle prototypes in Meta Description: Foxconn showcases first electric vehicle prototypes in move to transition from consumer electronics, with plans to dominate global EV market. URL: https://financedigest.com/taiwans-foxconn-shows-off-three-electric-vehicle-prototypeshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2021-10-18t051931z1lynxmpeh9h06yrtroptp4taiwan-foxconn-1736837553087-compressed.jpg) By Yimou Lee TAIPEI (Reuters) – Taiwan tech giant Foxconn unveiled its first three electric vehicle prototypes on Monday, underscoring ambitious plans to diversify away from its role of building consumer electronics for Apple Inc and other tech firms. The vehicles – an SUV, a sedan and a bus – were made by Foxtron, a joint venture between Foxconn and Taiwanese car maker Yulon Motor Co Ltd. Foxtron Vice Chairman Tso Chi-sen told reporters that electric vehicles would be worth a trillion Taiwan [dollars to Foxconn in five years](https://www.financedigest.com/dollar-creeps-up-in-subdued-start-to-new-year.html "Dollar creeps up in subdued start to new year") time – a figure equivalent to around $35 billion. Foxconn, formally [called Hon Hai Precision Industry](https://www.financedigest.com/struggling-british-pig-industry-calls-for-tesco-to-step-up.html "Struggling British pig industry calls for Tesco to step-up") Co Ltd, aims become a major player in the global EV market and has clinched deals with U.S. startup Fisker Inc and Thailand’s energy group PTT PCL. Hon Hai is ready and no longer the new kid in town,” Foxconn [Chairman Liu Young-way told the event timed to mark the birthday of the company’s billionaire founder](https://www.financedigest.com/lear-capital-founder-and-chairman-kevin-demeritt-on-inflation-now-and-then.html "Lear Capital Founder and Chairman Kevin DeMeritt on Inflation: Now and Then") Terry Gou. Gou drove the sedan, which was jointly [developed with Italian design firm](https://www.financedigest.com/four-of-the-top-twelve-forward-looking-uk-accounting-firms-use-myfirmsapp-to-develop-their-businesses.html "Four Of The Top Twelve Forward-Looking UK Accounting Firms Use MyFirmsApp to Develop Their Businesses") Pininfarina, onto the stage to the tune of “Happy Birthday. The sedan will be sold by an unspecified carmaker outside Taiwan in the [coming years](https://www.financedigest.com/mild-sourness-products-is-expected-to-fuel-growth-of-sour-sugar-market-in-coming-years.html "Mild Sourness Products Is Expected To Fuel Growth Of Sour Sugar Market In Coming Years"), while 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 in a partnership](https://www.financedigest.com/france-next-on-the-map-for-adtech-vendor-adnami-following-the-signing-of-new-partnerships-with-ad4good-and-tf1.html "France next on the map for adtech vendor Adnami following the signing of new partnerships with Ad4Good and TF1") with a local transportation service provider. Foxconn this [month bought a factory](https://www.financedigest.com/uk-factories-suffer-worst-month-since-may-2020-as-economy-stumbles-pmi.html "UK factories suffer worst month since May 2020 as economy stumbles – PMI") from U.S. startup Lordstown Motors Corp to make [electric cars](https://www.financedigest.com/stellantis-to-invest-130-million-euros-in-german-plant-for-new-opel-electric-car.html "Stellantis to invest 130 million euros in German plant for new Opel electric car"). In August it bought a chip [plant](https://www.financedigest.com/intel-wants-5-billion-more-in-german-subsidies-for-chip-plant-bloomberg-news.html "Intel wants billion more in German subsidies for chip plant – Bloomberg News") in Taiwan in a move to supply future demand for auto chips. Foxconn has also [set a target to provide components or services for 10% of the world’s](https://www.financedigest.com/uks-most-liveable-city-manchester-sets-its-sights-on-the-world-from-tourists-to-property-investors.html "UK’s most liveable city, Manchester sets its sights on the world, from tourists to property investors") EVs by between 2025 and 2027. ($1 = 27.9880 Taiwan dollars) (Reporting by Yimou Lee; Editing by Edwina Gibbs) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---