Foxconn's first electric vehicles to be released by year-end

Apple supplier Foxconn expects to unveil 2-3 new vehicles built on its own EV platform - dubbed the MIH – at the end of this year, marking significant progress for the electronics giant on its path into the automotive sector.

Two light vehicles designed with Foxconn's platform will be unveiled in the fourth quarter, Young Liu, chairman of Foxconn Technology Group, said today, adding that the company could also help launch an electric bus at around the same time.

Last October, Foxconn unveiled the MIH open electric vehicle platform. At the end of January this year, it released EVKit, a first-generation EV developer tools platform.

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MIH takes a modular approach, focusing on providing product developers with a master architecture and combining the expertise of alliance members to achieve complementary strengths, reduce development costs and accelerate development timelines.

MIH can support chassis design for SUVs, cars, etc., and customize them according to actual needs, ranging from the wheelbase and battery size.

Liu told the media last year that Tesla is the iPhone of electric cars, while Foxconn wants to become the Android of the electric car segment.

Foxconn has been working to strengthen its automotive production capabilities, while at the same time, large technology companies, including its customer Apple, have been trying to expand their business in the automotive sector.

Last month, Foxconn Group formed a joint venture with Chinese automaker Zhejiang Geely Holding Group Co.

Liu said the company is currently in talks with startup Faraday Future and other companies about collaborating in the electric car sector.

While Foxconn could witness revenue growth from the auto joint venture this year, Liu expects the electric vehicle-related business to start contributing meaningfully to the group's overall sales only in 2023.

Previously, Liu predicted that the global electric vehicle market is expected to reach 30 million units between 2025 and 2027 and that 2025 is a key year for the electric vehicle business opportunity. He said today that the key year of EV business opportunity will be advanced to 2024.