Apple Partner Foxconn Unveils Two EV Prototypes

Foxconn Technology Group, formally known as Hon Hai Precision Industry, unveiled two electric vehicle prototypes at its event in Taipei on Tuesday. 

Foxconn founder Terry Gou Tai-ming showcased the Model B crossover SUV and Model V pickup truck. 

Foxconn isn't just the world's largest electronics contract manufacturer but also the most prominent manufacturing partner for Apple and is aiming to "build clients' EVs from the chassis up, with no plans to sell vehicles under its own brand," Bloomberg said. 

"After we announced our plans to build EVs in 2020, many people questioned whether Foxconn can build cars.

"Then when we unveiled three models a year later, everyone thought, 'wow, how did they manage to develop three models in just a year?' That's the speed we're operating at," Liu said. 

Related: Strong Sales Data Sparks Rally In European Auto Stocks

Model B & V won't be available for the retail market because they're considered reference designs -- intended to demonstrate the company's manufacturing capabilities to potential clients that want their EVs produced. 

By 2025, Foxconn expects to achieve at least 5% of the global EV market, with expected revenues of $31 billion. 

"Foxconn is not in the business of selling its own EV brand," Liu said. "I hope one day we can do Tesla cars for Tesla," he added.

If Foxconn is successful, this could mean Apple's "Project Titan" to develop an electric vehicle in the coming years could one day be produced by Foxconn. After all, Foxconn already makes Apple's iPhones. 

By Zerohedge.com

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