Foxconn Invests $811 Million Into Building Electric Vehicles

Foxconn is a company known for helping a variety of other companies manufacture and assemble their products, with Apple probably being one of the company’s most high profile clients. However it seems that Foxconn could be thinking of branching out and expanding what they do.

According to a report from ChargedEVs, it seems that Foxconn has recently announced that they will be investing a whopping $811 million into building an electric vehicle of their own. The investment will be made into China’s Shanxi province where they will be developing electric vehicle manufacturing facilities.

As it stands, the Shanxi province already plays home to two of Foxconn’s facilities – one of them is used to assemble smartphones, and the other is used to build robots and other automation equipment.  According to Foxconn’s Terry Guo, the company has plans to build an electric vehicle that would cost $15,000.

Assuming that they are successful, it would help the adoption of electric vehicles, which at the moment are unfortunately a little bit on the expensive side for the most part, so a $15,000 electric vehicle (and assuming a decent range) would go a long way in the adoption of such vehicles in the future. No word on when Foxconn will achieve this, but we doubt it will be anytime soon.

Tyler Lee
Categories: Transportation
Tags: foxconn