Foxconn is the leading contract manufacturer and works in collaboration with the world’s leading electronic brands, including Apple and Xiaomi. The company is now planning to diversify its specialization from electronic products and enter the highly lucrative EV market through collaborations with EV brands. Foxconn has recently made several moves in the EV space and is already manufacturing electric vehicles for a few EV brands. The company is already manufacturing electric vehicles for a Taiwan-based automaker Yulon Group and intends to manufacture electric vehicles for other top global EV brands, including Tesla. With the new launch, Foxconn clarified no plans to sell the vehicles directly to the customers. The company has developed prototypes to demonstrate its capabilities and plans to manufacture electric vehicles for major-brand clients.
The electric vehicles industry is expanding rapidly after beginning as a niche market a few years ago. Companies across industries are making strategies to carve a share of the market by solidifying their market position through strategic partnerships and joint ventures. With the fierce competition being created by the new entrants, the market's incumbent brands will have to fight to keep their position.
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