Foxconn electric cars soon? iPhone maker to ride on EV bandwagon amid sour US-China ties
Foxconn booth
Foxconn, the iPhone maker, is set to make significant investments in electric cars in a bid to diversify its manufacturing capabilities amid souring US-China ties.
Foxconn's boss has said that it intends to capture about fiveper cent of the global electric vehicle market in the next few years
Foxconn car factories will be based in Ohio in the US, Thailand, Indonesia and perhaps even in India, it was revealed.
The development comes amid tumultuous US-China ties.
"We hope peace and stability will be something the leaders of these two countries [the United States and China] will keep in mind," 67-year-old Young Liu, CEO and Chairman of Foxconn, told the BBC from his officein Taipei, Taiwan's capital.
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"But as a business, as a CEO, I have to think about what if the worst case happens?" he reportedly added.
What are the 'worst case' scenarios?
The 'worst case' scenarios include a full-blown invasion of the self-ruled island of Taiwan, which China claims as its own.
Beijing has aggressively asserted its claims over the territories governed by Taipei.
Since 2019, China has made regular incursions into Taiwan's self-claimed Air Defence Identification Zone (ADIZ) on a regular basis.
The aforementioned developments are reportedly putting pressure on Foxconn’s business.
Also watch |WION Business News | China: Foxconn plant to increase bonuses if workers remain at the plant
The United States and its allies have called for countries and companies to "de-risk" from China.
"They get the push from their government about de-risking, and then they will let us know," Liu was quoted as saying by the BBC.
Foxconn's business interests and clientele
Foxconn, or Hon Hai Technology Group, as it is officially known, started off in 1974as a manufacturer of knobs for televisions.
It is now one of the world's most powerful technology companies, with an annual revenue of $200 billion.
Foxconn makes more than half of Apple's products, from iPhones to iMacs. Its factories in China make some of the most essential parts of the device - camera modules, connectors, and even the back of the phone casing.
Foxconn also counts Microsoft, Sony, Dell and Amazon among its clients.
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