On February 20, 2021, the Foxconn-GAC joint venture announced that it is discussing the possibility of cooperation with Faraday Future and other electric vehicle start-ups.
As tech companies are rushing into the electric vehicle industry, Foxconn hopes to gain a foothold in the electric vehicle supply chain. In October of last year, Foxconn already launched its own set of electric vehicle frames and software platforms to help automakers realize the production of new models more quickly.
Last month, Foxconn and GAC established a joint venture company mainly for the production of electric vehicles. Foxconn stated that its automotive business will start generating profits from this year, but it is expected to make a significant contribution to the group’s profits only by 2023.
In addition, Foxconn Chairman Liu Young-way stated that the current chip shortage has a relatively small impact on its major clients, and Q1 performance will not decline. He also revealed that Foxconn intends to acquire an 8-inch wafer fab.
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