Hon Hai Precision Industry Co., Ltd. (aka Foxconn) announced today its strategic focus on expanding its electric vehicle (EV) operations into Southeast Asia, the United States, and European markets, with a planned launch of new models in the U.S. by 2025. The announcement was made during an online briefing hosted by spokesperson Wu Junyi and CFO Huang Decai, as Chairman Liu Yangwei visits Europe.
The company, also known for its Foxconn brand, has already established partnerships in Japan, where it is working with two CDMS customers on three projects, with contracts expected to be signed later this year. Hon Hai’s global EV strategy includes the SUV Model C, the crossover Model B, and the electric bus Model T, targeting diverse markets with significant growth potential in green technology.
In addition to its automotive ventures, Hon Hai is also advancing its position in the information and communications technology sector across China, India, Vietnam, the U.S., and Mexico. Each region will focus on different aspects of the business, from consumer smart products in India to AI cloud network products and EV components in North America.
The briefing also touched on the company’s rotating CEO system, aimed at cultivating leadership and ensuring strategic continuity under the oversight of the chairman. Financially, Hon Hai is navigating some challenges, including a recognized loss from its investment in Sharp, but remains optimistic about future growth in AI server markets and other tech sectors.
This strategic pivot to electric vehicles and high-tech products is part of Hon Hai’s broader goal to diversify its portfolio and enhance its global manufacturing and technology ecosystem. With an increase in capital expenditure by 14% in 2023, Hon Hai is gearing up for a transformative phase in its international business operations, signaling a strong commitment to innovation and market expansion.
