Foxconn, the world’s largest contract electronics manufacturer and Apple supplier, will establish electric vehicle factories in Europe, India and South America by 2024

Foxconn, which unveiled prototype of 3 electric vehicles earlier this week, has set an ambition goal of capturing at least 5 percent share of the global electric vehicle market by 2025 and aiming to generate US$30 billion in EV sales.

Hon Hai Technology Group (Foxconn), world’s largest contract electronics manufacturer and Apple supplier, will establish electric vehicle factories in Europe, India and South America by 2024, as the Taiwanese behemoth seeks to rapidly expand its presence in the booming EV industry, the company chairman Liu Young-Wayin said today (Oct 20).

Liu 's announcement comes two days after he unveiled prototypes of electric vehicles developed by Foxtron Vehicles Technologies -- a joint venture between Hon Hai Group and Yulon Motor - Model C (a sport utility vehicle,), Model E (a luxury sedan) and Model-T (a bus) in a company event in Taipei

Foxconn has set an ambition goal of capturing at least 5 percent share of the global electric vehicle market by 2025 and aiming to generate US$30 billion in EV sales. Foxconn's revenue from its automotive-related business is set to surpass NT$10 billion for the first time this year.

"Regional manufacturing will be a key to developing our EV business globally, Liu told reporters on the sideline of an industry event in Taipei today. "We will share details of a European facility, followed by India and then the South American market."

Liu said all plans will involve partnering with local governments or government-recommended enterprises.

On Sep 30, Foxconn announced that it has acquired a huge auto assembly plant in Ohio from start-up electric truck maker Lordstown Motors.

The deal to acquire Lordstown provides Foxconn access to a sprawling manufacturing facility where GM built cars for more than 50 years before closing the plant in 2019. At its peak, the factory was home to roughly 10,000 workers.

In May, Foxconn and Stellantis, the world’s 4th-largest automaker formed by the merger of Fiat Chrysler Automobiles and PSA Peugeot, announced they’re developing a jointly operated automotive supplier focusing on technology to make vehicles more connected.

Foxconn is also building a production facility in Thailand with state-backed oil and gas company PTT to serve Southeast Asia.