Foxconn's Electric Vision: $820M Investment Set to Energize Taiwan

Apple Inc AAPL supplier Hon Hai Precision Industry Co Ltd HNHPF, operating as Foxconn, proposes to invest T$25 billion ($820 million) in the next three years in new manufacturing facilities in southern Taiwan to realize its EV ambitions.
Foxconn said the investments in Kaohsiung will include plants for making electric buses and EV batteries, Reuters reports.
Foxconn has big ambitions in the EV market to diversify its revenue base.
Also Read: Taiwan Semiconductor Urges Government To Boost Domestic Chip Gear, Material Making Position
Foxconn named automotive veteran Mr. Jun Seki as the Group's Chief Strategy Officer for electric vehicles, effective 1 February 2023.
Foxconn bolstered efforts to secure new revenue after grappling with thin margins and unprecedented Covid-induced challenges in China.
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.
Photo via Wikimedia Commons