Foxconn may acquire Vietnam electric vehicle factory to expand its OEM capabilities

Foxconn has been seeking to develop in the electric vehicle sector recently, and previously planned to build its first electric vehicle factory in the United States. It is reported that Foxconn's parent company Hon Hai Precision has held early negotiations with Vietnamese automaker VinFast to seek cooperation in the electric vehicle field. Earlier, there was news that Apple will launch the electric Apple Car, so Foxconn, as Apple's largest foundry, has good reasons to seek to build or acquire an electric vehicle manufacturing plant.

Foreign media reported that during the negotiations, Foxconn expressed its desire to directly acquire the factory for OEM production of electric vehicles, while Vietnamese company VinFast preferred to retain its own brand and produce electric vehicles in a cooperative manner. It is reported that Foxconn plans to invest up to US$700 million in Vietnam to produce laptops, tablets and other products.

Foxconn Chairman Liu Yangwei said recently that Foxconn is working to finalize a joint venture agreement with Fiat Chrysler Automobiles. He declined to disclose Apple's plans to build cars. He also said that Foxconn's goal is to make electric vehicles built on its own MIH platform account for 10% of the world's electric vehicles by 2025.

Foxconn plans to provide parts or services for 10% of the world's electric vehicles as early as 2025. In order to achieve this goal, Foxconn and Geely established a joint venture in early January this year to provide OEM services.

Foxconn is also working with startup Fisker in the United States to produce more than 250,000 vehicles a year starting in late 2023, and will begin manufacturing Byton's SUV next year.

By the time Apple gets into making cars, I believe its old friend Foxconn will already have a lot of experience in producing electric cars.