Foxconn Electric Vehicle Co.

History

2023: Production Launch

Foxconn Technology Group has appointed a former Nidec Corporation chief strategy officer for its electric vehicle facility, Foxconn Electric Vehicle Co. This became known at the end of January 2023.

Foxconn, one of the world's largest contract electronics manufacturers, hopes to enter new markets. This is explained by a number of problems, in particular, by restrictions in China in connection with the COVID-19 pandemic, as well as protests at the main iPhone assembly enterprise. One of the new areas of activity is cars with an electric power plant. Foxconn expects that this business will begin to generate revenue in 2023, and by 2025 the company intends to occupy 5% of the global electric vehicle market.

Foxconn Electric Vehicle Co.

To develop the production of electric vehicles, Foxconn hired Jun Seki, who previously served as CEO of the Japanese corporation Nidec. The latter specializes in the manufacture of electric motors. Seki, 61, has years of experience with carmakers, including Nissan Motor and China's Dongfeng Motor. However, Seki worked at Nidec for less than three years and was removed from the position of head after the founder of the company Shigenobu Nagamori accused him of poor results. Now the former Nidec chief will have to take the helm of Foxconn's electric car division.

Foxconn will rely on Jun Seki to help manage electric car sites in America, Asia and the Middle East, the company said in a statement.

To develop the automotive business, Foxconn acquired a pickup truck assembly plant from the struggling Lordstown Motors. In addition, several prototypes of electric vehicles were demonstrated.^[1]

Notes