Foxconn is in the middle of diversifying its business. The Taiwanese company has formed a consortium, MIH, to make electric vehicles and sell them in Asia.
The first car from MIH is a battery-powered three-seater, as reported by Reuters.
The car is named Project X. It hopes to exploit the popularity of small electric vehicles in Asia. Project X will be developed in 2022, with mass production in 2023.
The mini electric car will cost below $20,000. Foxconn hopes to use its extensive experience assembling Apple’s iPhones to make the EV.
Project X will be modular, allowing buyers to “build their own vehicle.” MIH is targeting families with one child.
MIH plans to sell its car outside Taiwan. It will be available in India, Thailand, Indonesia, and Japan.
The MIH consortium also includes chip manufacturer NXP, navigation company TomTom, and others.
The electronics contract manufacturer has entered into deals to assemble for other EV brands.
They include US-based Fisker Inc and India’s Vedanta Ltd. It has also formed a joint venture with Saudi Arabia for a new EV brand, Ceer.