The manufacturer of iPhones and other leading tech is looking to grow its share in the booming EV market, it has been reported.
Foxconn is aiming to provide around 10% of components or services to the global EV market by 2027 and it has been in talks with major manufacturers to supply technology, its chairman has claimed.
The firm is a major supplier to Apple, but is looking to grow into the EV market. It has already set-up a joint venture with Fiat Chrysler in January 2020 to build EV and internet-connected vehicles across China. But the company will focus on components and cross-working rather than building vehicles outright.
It is in talks with a number of manufacturers on such components, but has not announced what firms it will be potentially working with on the technology.
It said that it need to move fast to ‘grab market share’ and plans to build an ‘open platform’ to make key EV components, including battery and internet service solutions to vehicle manufacturers.
Additionally, Foxconn said it was planning to launch a solid-state battery for EVs by 2024 with a high capacity storage to improve on current batteries being bought to market.