Foxconn has long been associated with assembling iPhones and other consumer electronics for major brands, but it now seeks to diversify its portfolio by entering the rapidly growing electric vehicle industry. With an eye on sustainability and innovation, the company has been making significant investments in EV technology and production capabilities.
The Taiwanese company’s EV platform unit Mobility in Harmony (MIH) would be willing to work with its parent or another company to build the new three-seat EV priced below $20,000 (roughly Rs. 16,00,000) and tailor-made for a corporate delivery fleet, MIH CEO Jack Cheng told according to media source.
MIH has been in talks with convenience stores, car rental companies and courier companies ahead of unveiling its first prototype EV at Japan’s largest auto trade show in October, Cheng added.
The decision to target India and Thailand is well-founded, given their increasing interest in EVs. India, in particular, is experiencing a surge in EV adoption driven by government initiatives, tax incentives, and growing environmental consciousness among consumers. With its large population and expanding middle class, India presents a promising market for small electric cars that can address urban commuting needs and offer economical ownership costs.
“You build where the potential market is…In India or Southeast Asia, you have a huge volume opportunity right now”, Cheng said, calling India a potential “emerging power for the next generation” in the EV sector.
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