Forum Posts

Md. Naim Hasan Student
Jul 07, 2022
In Favorite Uplifting Links
Luxshare isn't just competing with Foxconn on smartphones. The Chinese company has also entered the fast-growing electric vehicle industry, a market Foxconn hopes to tap. In February 2022, Luxshare Precision formed an alliance with Chery Group, one of China's largest automakers, to form a joint venture worth US$267 million. Foxconn's ambitions in the electric vehicle industry are very ambitious. Chairman Liu Yangwei announced in March 2022 that he hopes to achieve the goal of achieving a 5% market share of electric vehicles and an annual output of 500,000 to 700,000 vehicles old picture restoration by 2025. Initially, Foxconn appeared to be focusing primarily on China, the world's largest electric vehicle market. According to the China Passenger Car Association, sales of electric vehicles in China will soar 169% in 2021 to a record-breaking 2.99 million units, accounting for nearly 15% of the country's total car sales. Foxconn announced in early 2021 that it will invest in Byton, a new electric vehicle company jointly established by China and Germany. The amount, believed to be $200 million, will be used for the M-Byte series, which will begin mass production in the first quarter of 2022. Byton concept car M-Byte Photo Credit: WebMD Byton's first concept car M-Byte However, the Nikkei Asia report pointed out that due to Byton’s poor financial situation, the cooperation between the two parties will encounter obstacles after September 2021. Foxconn also announced in early 2020 the establishment of a joint venture with Fiat Chrysler Automobiles NV to be responsible for the development and manufacture of electric vehicles.
0
0
2
 

Md. Naim Hasan Student

More actions