iPhone maker Foxconn enters electric vehicle market with deal in Thailand

iPhone maker Foxconn has signed a memorandum of understanding (MoU) with Thailand’s state-run energy group PTT Pcl to make electric vehicles (EVs) and EV components in the country.

The partnership will see the pair collaborate on hardware and software for producing EVs. $1 billion will be invested initially, possibly rising to as much as $2 billion later on.

The deal was finalized on June 1 in a virtual signing ceremony held with Thailand Prime Minister Prayuth Chan-o-cha.

“This cooperation with PTT and the Thai government to realize the vision of sustainable development of the EV industry, demonstrates that the MIH ecosystem is growing,” Foxconn chairman Liu Young-way said.  

As part of the deal an ‘open platform’ will be developed which will be provided to other automakers in Thailand and Southeast Asia.

This isn’t the first EV deal for Foxconn. It has also signed similar deals with Byton and Fisker. The Taiwanese company will also be developing a digital car cockpit for Stellantis.

Source: Bloomberg

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