Foxtron Vehicle Technologies Co Ltd (鴻華先進), an electric vehicle joint venture between Hon Hai Precision Industry Co (鴻海精密) and Yulon Motor Co (裕隆汽車), has applied to list on the Taiwan Innovation Board, the Taiwan Stock Exchange said yesterday.
Foxtron, 51 percent owned by Hon Hai, has developed four electric vehicle prototypes: Model B, Model C, Model E and Model T. It has an initial capital of NT$15.91 billion (US$517.13 million).
Hon Hai aims to use Foxtron to expand into the electric vehicle market and diversify from its iPhone assembly business.
Photo: Ann Wang, Reuters
Shipments of the commercial version of Model C, the first electric sedan developed by Foxtron, would begin in the fourth quarter, Hon Hai has said.
ORDERS
The company has received a pre-order of 15,000 to 20,000 units for the model.
Luxgen Motor Co (納智捷汽車), an auto brand of Yulon, is the first company adopting Model C to build its new electric car, Luxgen n7.
Model T, an electric bus, became commercially available last year on the domestic market.
Hon Hai is also seeking to expand its electric vehicle assembly business overseas.
Aside from auto start-ups such as Fisker, Hon Hai has also approached traditional auto original equipment makers to make electric vehicles, company chairman Young Liu (劉揚偉) told investors last month.
The company expects to secure assembly deals from traditional automakers in 2025, as intensifying price competition would spur those firms to outsource manufacturing to save costs, Liu told shareholders yesterday.
“We have approached a couple of big-name companies,” Liu said.
To tap into the Japanese electric vehicle market, Hon Hai in January named Jun Seki as the company’s chief strategy officer for its electric vehicle business, Liu said.
Seki’s rich management experience in the Japanese auto industry and global electric vehicle supply chains would assist the company in integrating electric vehicle resources and development in the Americas, Asia and the Middle East, he said.
JAPANESE COOPERATION
Hon Hai aims to collaborate with Japanese companies to develop new and cost-efficient auto components through the MIH electric vehicle platform initiated by the company, allowing them to build electric vehicles at lower costs and bring them to the market faster, Liu said.
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