Foxconn 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.
Foxconn, a major Apple Inc supplier and iPhone assembler, has big ambitions in the EV market as it seeks to diversify its revenue base.
In related news, Terry Gou, the billionaire founder of major Apple Inc (AAPL.O) supplier Foxconn (2317.TW), said on Wednesday he would seek the presidential nomination for Taiwan’s main opposition party, the Kuomintang (KMT), for a second time.
Gou stepped down as Foxconn chief in 2019 and made a presidential bid that year, but dropped out after he failed to win the nomination for the KMT, which traditionally favours close ties with China.
Speaking to reporters at a hotel next to Taiwan’s main international airport at Taoyuan on his return from a weeklong trip to the United States, Gou said the only way to avoid war with China was to reduce Sino-U.S. tensions and get Taiwan’s ruling Democratic Progressive Party (DPP) out of office.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)