According to Young Liu, Foxconn chairman, the group is contemplating to set up an EV manufacturing plant in Europe, without revealing the specific location. The plan, Liu says, is going through negotiations. Regarding its EV plants in the United States and Thailand, Liu reveals that production will begin in 2023.
Earlier in May, Foxconn and the American EV startup Fisker a signed a seven-year deal to manufacture EVs that will be sold under the Fisker brand in North America, Europe, India, and China. Liu estimates that the plan will have an initial annual capacity of 150,000 vehicles, before rising to 300,000 vehicles. Eventually, the plant aims to reach a capacity of 500,000 vehicles per year. Similarly, Foxconn’s EV production project with PTT Public Company Limited, the largest publicly listed conglomerate in Thailand, will see an initial annual production capacity of 150,000 – 200,000 vehicles. First targeting the Thai market, It seeks to eventually explore the ASEAN market. When productions start, indicates Liu, EVs will begin to contribute to Foxconn’s revenues.
So far, Foxconn has limited partnerships in the European EV market, and no detail has been revealed regarding its manufacturing plant in Europe, including its possible locations and partners. Stellantis, the world’s fourth largest automaker, has been Foxconn’s only known EV-related partner in Europe. In May 2021, the two formed a joint venture, Mobile Drive, to develop in-car technologies related to connectivity and infotainment system.