• Login
USAPeriodical.com
No Result
View All Result
  • Home
  • News
    • US News
    • World
  • Entertainment
    • Movies
    • TV Series
    • Gaming
  • Technology
    • Science
    • Nature
  • People
    • Celebrities
    • Influencers
    • Actors / Actresses
    • Models
  • Business
  • Viral
    • Ideas
  • Lifestyle
    • Relationships
    • Well Being
    • Travel
    • Food
    • Home & Decor
  • Sports
  • Home
  • News
    • US News
    • World
  • Entertainment
    • Movies
    • TV Series
    • Gaming
  • Technology
    • Science
    • Nature
  • People
    • Celebrities
    • Influencers
    • Actors / Actresses
    • Models
  • Business
  • Viral
    • Ideas
  • Lifestyle
    • Relationships
    • Well Being
    • Travel
    • Food
    • Home & Decor
  • Sports
No Result
View All Result
USAPeriodical.com
No Result
View All Result
Home Business

Foxconn is Planning to Enter the EV Sector very Soon

The company that assembles iPhones will now be manufacturing EVs for various companies

Luke Davis by Luke Davis
December 18, 2022
in Business
0
15
VIEWS
Share on FacebookShare on Twitter

​​Foxconn, which is famous for assembling iPhones and other mobile devices, has made a big move into the world of electric vehicles. It’s set up an R&D lab that will prototype cars that could be sold by established automakers or even the new crop of startups entering this space.

ADVERTISEMENT

Foxconn is hoping to transform itself and make a similar transition with EVs. The company is aiming to make up to forty-five percent of the world’s vehicles and match the success it has achieved in electronics.

Foxconn’s first electric vehicle prototypes were introduced last year, with a roster of automotive clients lining up almost immediately.

Earlier this year, iPhone manufacturer Foxconn made the acquisition of Lordstown Motors, a former General Motors plant in Ohio that is struggling with manufacturing difficulties. Today, Foxconn-made electric pickup trucks have started shipping out to customers for those looking for greener technology and better efficiency.

Fashion-forward EV upstart Fisker has teamed up with Foxconn to build a second vehicle in Ohio by 2024. They’ve also signed on to produce prototypes for yet another startup, Indi Electric Vehicles.

ADVERTISEMENT

After Volkswagen announced its plans for electric models that are scheduled to hit US roads soon, the company is considering a partnership with Foxconn.

Foxconn’s switch to focusing on electric vehicles is a wise investment into a hot market for the company, according to Bill Russo, CEO of Automobility, an auto-industry consulting firm.

Foxconn is already a successful company in manufacturing products that are capital-intensive and need large volumes of components in order to be produced.

In the future, vehicles will be increasingly digital and computerized. Foxconn is becoming more familiar with the electronics that are required to build high-quality cars.

ADVERTISEMENT

The affirmation of Foxconn’s entry into the EV market is a boon for startups that had to put up a lot of cash for manufacturing plants. Services like Rivian and Lucid, which spent big on the venture, won’t have such access to funds.

The EV market is booming, and Foxconn is a major player in this market. Foxconn’s entry into the EV space is a testament to the company’s commitment to innovation and a sign that the company is well-positioned to take advantage of the new opportunities in the industry.

Furthermore, the EV manufacturers that Foxconn works with will benefit from the company’s expansive network of suppliers, which could help reduce their costs and speed up the production process.

This step could be a game changer for the EV industry and open up the market to more players.

Tesla is the biggest player in the EV market, but Foxconn’s entrance could change the game. Foxconn’s entry into the market can provide competition and could help bring down prices for consumers.

It could also help to stimulate the EV demand and bring more players into the space. Also, the expansion will be easier in terms of sales.

Previous Post

Chinese Manufacturing Plants, Factories, and Supply Chains are Disturbed After the Recent COVID Surge

Next Post

EU Locks the Critical Climate Policy After a Round for Long Talks

Related Posts

Trump Organization Faced Wrath of Manhattan Jury, Found Guilty
Business

Trump Organization Faced Wrath of Manhattan Jury, Found Guilty

December 7, 2022
Stock Markets Tumbled Worldwide Due to the Countrywide Protests in China
Business

Stock Markets Tumbled Worldwide Due to the Countrywide Protests in China

November 28, 2022
Twitter employees lay off started today
Business

Twitter is going to launch three verified ticks color

November 25, 2022
How Small Businesses can protect themselves from Online Scams? – Short Guide 2022
Business

How Small Businesses can protect themselves from Online Scams? – Short Guide 2022

November 24, 2022
The benchmark rate of the Bank of England raised by 75 basis points
Business

The benchmark rate of the Bank of England raised by 75 basis points

November 3, 2022
Amazon graph report
Business

Amazon Stock Falls in Third-Quarter: Does Not Promise a Good Start for the Fourth-Quarter

October 28, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Prominent American Journalist Grant Wahl Died During World Cup Coverage

Prominent American Journalist Grant Wahl Died During World Cup Coverage

December 10, 2022
What Does It Mean When You Dream About Someone In Particular?

What Does It Mean When You Dream About Someone In Particular?

September 27, 2022
Hong Kong Media Tycoon Jimmy Lai Sentenced For Five Years In Jail On Fraud Charge

Hong Kong Media Tycoon Jimmy Lai Sentenced For Five Years In Jail On Fraud Charge

December 10, 2022
Signs You Are Not Really in Love

Signs You Are Not Really in Love Even if You Believe You are

December 29, 2022
Summer in Spain

Summer in Spain: A beginner’s guide to exploring the country of Tomatoes

October 12, 2022
ADVERTISEMENT

USA Periodical is a Modern News platform focusing beyond your typical news stories. We bring to you unconventional content, that you won't find on leading American dailies.

© USAPeriodical.com - 2022

  • Download App
  • Contact us
  • Privacy Policy
  • About Us
  • Join Us
DMCA.com Protection Status

No Result
View All Result
  • Home
  • News
    • US News
    • World
  • Entertainment
    • Movies
    • TV Series
    • Gaming
  • Technology
    • Science
    • Nature
  • People
    • Celebrities
    • Influencers
    • Actors / Actresses
    • Models
  • Business
  • Viral
    • Ideas
  • Lifestyle
    • Relationships
    • Well Being
    • Travel
    • Food
    • Home & Decor
  • Sports
  • Login

© USAPeriodical.com - All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.