Key Apple Supplier Foxconn Forge EV Partnership With NXP Semiconductors

NXP Semiconductors NV NXPI collaborated with Hon Hai Technology Group (Foxconn) to develop platforms for electric vehicles.
Vital Apple Inc AAPL supplier Foxconn considered the association a "prime opportunity" boost to its ability to quickly build EV products and reduce costs, Reuters reports.
Foxconn looks to build more than ten automotive products with NXP, and they will soon be in development, including next-generation EV platforms using NXP's processors.
Foxconn aims to provide components or services to 10% of the world's EVs by 2025 to 2027, Chair Liu Young-way has said, vowing to lower manufacturing costs for carmaking with its assembly know-how as the world's largest contract electronics manufacturer.
Foxconn sought to acquire chip plants globally amid a worldwide chip crisis.
Recently, it became a shareholder in embattled Chinese chip conglomerate Tsinghua Unigroup via a $798 million investment by a subsidiary.
Global EV penetration was 13% in May, up ~150bp M/M, above the YTD '22 pace and well ahead of the 2021 EV penetration rate.
Every region saw M/M EV uptake improvements except for China, thanks to the Covid-19 restrictions. However, it remained the global leader.
Tesla, Inc's TSLA global EV share in May remained near its low point over the last three years due to the Shanghai lockdown.
China's strong EV uptake was due to several factors, including tech and cost-effectiveness.
Price Action: NXPI shares traded higher by 2.92% at $175.41 on the last check Wednesday.

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