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Asharq Al-Awsat

Technology

Asharq Al-Awsat

Foxconn Plans $800m Investment in Southern Taiwan

Foxconn Taiwan Apple Hon Hai Precision Industry Co Ltd electric vehicle Kaohsiung

A man walks out from a Foxtron Model T eBus during an organized media visit to Foxconn's headquarters, in New Taipei City, Taiwan December 22, 2022. REUTERS/Annabelle Chih

Foxconn (2317.TW) is planning to invest T$25 billion ($820 million) in the next three years in new manufacturing facilities in southern Taiwan to support its electric vehicle (EV) ambitions, the company said on Sunday.

The company, formally called Hon Hai Precision Industry Co Ltd, said the investments in Kaohsiung will include plants for making electric buses and batteries for EVs, Reuters reported.

Foxconn, a major Apple Inc (AAPL.O) supplier and iPhone assembler, has big ambitions in the EV market as it seeks to diversify its revenue base.

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