Foxconn In Tie-up With PTT Thailand For Electric Vehicle Push

Foxconn Trading Group, popularly known simply as Foxconn, is a contract electronics manufacturing giant that is best known for being the largest vendor for Apple for its Iphones and more. The Taiwanese firm has plants in China, as well as a presence in India now.

With aggressive plans to get into electric vehicle manufacturing, the group has tied up with Thailand’s government owned PTT PCL to build electric cars in Thailand. Thailand is a key components hub for the auto sector, and like similar hubs, is in the middle of a process to pivot to the rising ride of electric vehicles to stay relevant.

Earlier, Foxconn had tied up with Chinese electric-car maker Byton and automakers Zhejiang Geely Holding Group as well as Italian automobile company Stellantis. Chna is by far the largest EV market in the word, and China based firms are intent on ensuring they dominate the next phase of EV manufacturing, unlike the ICE age, when manufacturing was more spread out worldwide. Earlier last month, Foxconn had announced that  it will make at least 150,000 vehicles a year starting in 2023 in a partnership with U.S. electric car maker Fisker Inc.

A big presence from Foxconn in the EV components and manufacturing space means the chances of at least some firms going the mobile way in EV’s is higher. ie, Firms could simply design the vehicle and specific parts even, and outsource production to Foxconn. A practice that is very widespread in the mobile manufacturing space, wher a few critical manufacturers supply to multiple mobile brands. That usually works at massive scale, something Foxconn is familiar with, thanks to its long stint with Apple.

Foxconn has announced that it aims to provide components or services to 10% of the world’s EVs by 2025 to 2027, in ding so lowering costs for everyone, thanks to its familiarity with massive scale manufacuring as the worlds largest contract electronics manufacturer.