Image Source: VIsual China

BEIJING, March 4 (TMTPOST) — Foxconn is planning to build an EV battery plant in South Taiwan to enter the EV market.

It is reported that the plant will be manufacturing battery packs and energy storage system.

Foxconn is aiming to build a complete ecosystem of EV business to gain more control over the supply of EV materials of strategic importance. Foxconn has signed contracts with multiple parties to ensure its position in the fast-growing EV market.

“Our goal is to formulate a complete ecosystem for electric buses in the city and then we can export the solutions outside of Taiwan,” Liu said.

Foxconn’s board chair Young Liu said on Thursday that the company will be manufacturing EV batteries at a new plant in Kaohsiung City. It is also reported that besides EV batteries Foxconn will be designing and assembling EV buses at the Kaohsiung plant as well.

Foxconn has been making more efforts in the robust EV industry since Liu became the board chair of the company in 2019. In the past two years, Foxconn completed several deals involving EV. The company has signed agreements with EV makers such as Fisker Automotive, Byton and Geely.

Last October, Foxconn launched three EVs, which were Model C sedan, Model E SUV and Model T electric bus. Model C is scheduled to enter the market officially in 2023 while Model E will be available for purchase at a later date. Model T, an electric bus model designed for public transportation, will be on the market as early as in 2022.

Liu stated that Foxconn’s designs and components will account for 5% of the global market by 2025. Foxconn’s goal for its EV business is to achieve an annual revenue stream of one trillion NTW.

“This is a goal we must achieve,” Liu said.