Foxconn Invests $36 Million In EV Partnership With Gigasolar
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Taiwan’s Foxconn said a subsidiary has invested T$995.2 million ($36 million) in Gigasolar Materials Corp to develop electric vehicle (EV) battery materials.
Foxconn, Apple’s main iPhone maker, said the investment via a private placement through a Taiwan-based subsidiary will make it the second-largest shareholder in Gigasolar, known for manufacturing solar cell materials.
The two companies will jointly develop materials for electric cars, Foxconn said in a statement on Tuesday.
Foxconn has identified electric vehicles as a key new business and has struck several deals with companies, including Italian carmaker Stellantis and Thailand’s state-run energy group PTT.
The Taiwanese company aims to provide components or services to 10% of the world’s electric cars by 2025 to 2027, Foxconn chairman Liu Young-way said in October, vowing to lower manufacturing and other costs with its assembling know-how as the world’s largest contract electronics manufacturer.
Questions & Answers
Q.What is the primary purpose of Foxconn's investment in Gigasolar Materials Corp?
What is the primary purpose of Foxconn's investment in Gigasolar Materials Corp?
Foxconn's subsidiary has invested in Gigasolar Materials Corp specifically to develop materials for electric vehicle (EV) batteries. This is part of Foxconn's broader strategy to establish electric vehicles as a key new business sector for the company.
Q.What is Foxconn's long-term goal for its involvement in the electric vehicle market?
What is Foxconn's long-term goal for its involvement in the electric vehicle market?
Foxconn aims to provide components or services for 10% of the world's electric cars between 2025 and 2027. The company plans to use its manufacturing expertise to reduce costs in this new sector.
Q.Besides Gigasolar, which other companies has Foxconn partnered with for its EV initiatives?
Besides Gigasolar, which other companies has Foxconn partnered with for its EV initiatives?
Foxconn has already established several deals related to electric vehicles with other companies. These include partnerships with Italian carmaker Stellantis and Thailand's state-run energy group PTT, as mentioned in the article.
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