Menu
Foxconn invests in building electric cars in China

Foxconn invests in building electric cars in China

The company is already a partner with Tesla Motors

Foxconn's CEO Terry Gou.

Foxconn's CEO Terry Gou.

Foxconn Technology Group, the maker of Apple's iPhone, is investing at least 5 billion yuan (US$811 million) to develop electric car manufacturing in a Chinese province.

The Taiwanese company is making the investment in China's Shanxi province, it said on Wednesday. Foxconn already has two factories in the province. One of these assembles smartphones while the other is devoted to producing robots and automation equipment, it added.

Foxconn has largely focused on electronics manufacturing for clients including Microsoft, Sony and Amazon.com. But the company is branching out into new business sectors, as a way to grow its revenue streams. Analysts estimate that it makes as much as half of its revenue from assembling Apple products.

In June, Foxconn's CEO Terry Gou said that the company is targeting to build electric cars with a price of less than $15,000.

Foxconn has already been developing electric car batteries for some time, and the company has many customers for them, he added. It also manufactures the touchscreen panels found inside the electric cars from Tesla Motors.

Gou was mum in June on the exact details for the company's electric car production, and what partnerships it might include. But the Taiwanese company could end up targeting China for its electric car sales. The country is a major market, and its government has been trying to promote sales of electric cars.

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags business issuesAutomotiveFoxconn Technology Groupinvestmentsindustry verticals

Slideshows

Top 50 defining moments of the New Zealand channel in 2016

Top 50 defining moments of the New Zealand channel in 2016

Reseller News looks back on a tumultuous 12 months for the New Zealand channel, assessing the fallout from a year of sizeable industry change. Whether it be local or global mergers and acquisitions, distribution deals or job changes, the channel that started the year differs somewhat to the one set to finish it - Reseller News assesses the key moments that made 2016.​

Top 50 defining moments of the New Zealand channel in 2016
​Hewlett Packard Enterprise honours high achieving NZ channel

​Hewlett Packard Enterprise honours high achieving NZ channel

Hewlett Packard Enterprise honoured its top performing Kiwi partners at the second running of its HPE Partner Awards in New Zealand, held at a glitzy ceremony in Auckland. Recognising excellence across eight categories - from distributors to resellers - the tech giant celebrated its first year as a standalone company, following its official split from HP in 2015.

​Hewlett Packard Enterprise honours high achieving NZ channel
Nutanix treats channel partners to Christmas cruise

Nutanix treats channel partners to Christmas cruise

Nutanix recently took to the seas for a Christmas Cruise around Sydney Harbour with its Australia and New Zealand staff, customers and partners to celebrate a stellar year for the vendor. With the sun out, they were all smiles and mingled over drinks and food.

Nutanix treats channel partners to Christmas cruise
Show Comments