Foxconn aims to supply to about 3 million electric vehicles by 2027

Foxconn Chairman Liu Young-way. (Reuters)
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Updated 17 October 2020

Foxconn aims to supply to about 3 million electric vehicles by 2027

  • Foxconn is planning to launch its solid-state battery for EVs in 2024, which is a high-capacity energy storage device that improves on current batteries

TAIPEI: Foxconn aims to provide components or services to 10 percent of the world’s electric vehicles (EVs) by between 2025 and 2027, and has been in talks with multiple car manufacturers for future cooperation, Chairman Liu Young-way said on Friday.
The Taiwanese contract manufacturer, formally called Hon Hai Precision Industry and a major supplier to Apple, is looking at growth from sectors such as EVs, digital health and robots in a drive to diversify its global investments. “We want to push Taiwan’s EV industry to the world,” Liu said in Taipei.
In January, automaker Fiat Chrysler said it has plans for a joint venture with Foxconn to build electric cars and develop Internet-connected vehicles in China.
“Hon Hai has to ready our open platform as soon as possible. We need to move fast to grab market share,” he said, referring to Foxconn’s pledge to build an “open platform” to make key EV components including battery and car-Internet services available to automobile makers.

FASTFACT

Foxconn is planning to launch its solid-state battery for EVs in 2024.

Foxconn will work with multiple auto makers to reach the goal of 10 percent global EVs, Liu added, representing around three million vehicles.
Liu, however, declined to provide a revenue target for the EV business or details citing “ongoing talks.”
Foxconn is planning to launch its solid-state battery for EVs in 2024, which is a high-capacity energy storage device that improves on current batteries.
Foxconn’s Taipei-listed shares closed up 0.6 percent on Friday, outperforming the broad market, which ended 0.6 percent weaker.
Liu has said earlier this year that Foxconn was working to build supply chains in China and the United States, amid a years-long drive to diversify its investments around the world.

 


China aims for sustained and healthy economic development

Updated 30 October 2020

China aims for sustained and healthy economic development

  • Beijing to let market forces play decisive role in resources allocation, report says

BEIJING: China is targeting sustained and healthy economic development in the five years to 2025, with an emphasis on a higher quality of growth, the Xinhua news agency said on Thursday, citing the ruling Communist Party’s Central Committee.

President Xi Jinping and members of the Central Committee, the largest of the ruling party’s elite decision-making bodies, met behind closed doors from Monday to lay out the 14th five-year plan, a blueprint for economic and social development.

China’s external environment “is getting more complicated,” the agency said, adding, “There is a significant increase in instabilities and uncertainties.”

BACKGROUND

China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

However, the country’s development was still in a period of important strategic opportunities, despite new challenges, it said.

It added that China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

China will also deepen reforms and let market forces play a decisive role in resources allocation, the agency said.

China will promote a “dual circulation” model, make self-sufficiency in technology a strategic pillar for development, move to develop and urbanize regions, and combine efforts to expand domestic demand with supply-side reforms, it added.

The “dual circulation” strategy, first proposed by Xi in May, envisages that China’s next phase of development will depend mainly on “domestic circulation” or an internal cycle of production, distribution and consumption, backed by domestic technological innovation.