TAIPEI (Taiwan News) — Foxconn Technology Group will manufacture 250,000 electric vehicles a year in cooperation with California-based electric vehicle automaker Fisker Inc., according to a memorandum of understanding (MOU) signed by the companies Wednesday (Feb. 24).
Foxconn, the world’s largest electronics manufacturer, known for its production of Apple iPhones, first launched its automotive ambitions with the presentation of the MIH Open Platform, for which it reportedly recruited more than 700 companies.
According to a joint statement, Foxconn and Fisker will start producing the “breakthrough new segment vehicle” during the final quarter of 2023, one year after the American firm launches its Ocean electric SUV. The companies named North America, Europe, China, and India as the main markets for the electric vehicle.
Following the MOU, an official partnership is likely to emerge in the second quarter of 2021 at the conclusion of talks by Foxconn and Fisker teams looking into design, technology, engineering, and manufacturing.
The Taiwanese company boasted of two major advantages — “an exceptional vertically integrated global supply chain and the best supply chain management team” in the industry — Foxconn Chairman Young Liu (劉揚偉) said in the statement.
The site for the car factory has not been announced yet, but some observers have mentioned Foxconn’s complex in the state of Wisconsin, CNA reported. During the Trump administration, the Taiwanese manufacturer announced a major project in the state, but promises of extensive job offers met with public skepticism, as the aim of the complex seemed to change repeatedly.