Foxconn, the largest electronics manufacturer for Apple's iPhones, wants to eventually produce cars for Tesla as it expands its production of electric vehicles. The Model V pickup truck and the Model B sports crossover hatchback are two electric vehicle prototypes that were unveiled on Tuesday under Foxconn's official name, Hon Hai Technology Group.
But Foxconn doesn't want to market its own line of automobiles. It desires to design and produce automobiles for other automakers instead. For a carmaker interested in using its services, the company asserts that it can shorten the design time of a car by half and the development cost by a third.
The Taiwanese company has lofty goals. Foxconn's CEO and chairman, Young Liu, stated that the business expects to work with Tesla and that it is aiming for a 5% global market share in the production of electric vehicles by 2025.
At its factories around the world, including those in the United States, Berlin, and Shanghai, Tesla produces its own automobiles. Foxconn has been expanding its electric vehicle industry over the past two years. The business unveiled three prototype cars last year. Two of them are currently travelling by car. Taiwan's public transportation system includes the Model T electric bus, while Taiwanese carmaker Yulon Motor produces the Model C under the Luxgen n7 brand.
Hon Hai Technology Group Launches its EV Models
Over the past few decades, Foxconn has grown its company by producing and assembling consumer electronics. But the business is now attempting to expand into new markets, with electric automobiles serving as a major focus. The five concept automobiles demonstrate Foxconn's ability to create attractive, reliable electric vehicles. As more businesses, particularly those with no history in the auto industry, enter the market, a part of their present strategy is to demonstrate their expertise in the electric car sector.
Companies wishing to establish electric car projects without having to make substantial investments in their own design and manufacturing endeavors may choose to consider Foxconn.
Twitter Deal Update: October Deadline for Tesla
By Friday, October 28th, Elon Musk will either own Twitter or be facing legal action to try to force him to acquire the business, for which he willingly made an offer. Since making the bid to purchase the social media business half a year ago, Elon Musk appeared to be close to completing the transaction.
After it was made public that Musk had purchased a 9.2% interest in the company for roughly $3 billion, shares of the social media platform soared, and he didn't spend any time suggesting changes at Twitter. Within a week, the CEO of Tesla made the offer to buy Twitter altogether, claiming that it was necessary to protect free speech.
As soon as an agreement was made, Musk appeared serious about preparing to finance the transaction by selling millions of Tesla shares. But by the middle of May, Musk said that the agreement was temporarily on hold and formally threatened to end it due to "spam and bogus accounts." A month later, he pulled the plug on the agreement, despite Twitter's promise to give him access to raw data to alleviate his fears.
A lawsuit has been launched in Delaware, where Twitter was established, according to a tweet from the board chair of the company, "to hold Elon Musk accountable to his contractual duties."
Musk subpoenaed a Twitter whistleblower who claimed the firm deceived federal authorities about its security vulnerabilities to break out of the agreement despite the legal action. He also served a subpoena on his friend Jack Dorsey, the former CEO of Twitter, according to a court document.
After all the back and forth, Musk seems sincere about following through with the deal, and given the impending deadline, an announcement might happen at any moment. If the deadline were missed for whatever reason, a trial would be held in November.