Breakingviews - Foxconn reinvents itself, and EV supply chains
iPhones in China and shipping them around the world, but Chairman Liu Young-way is looking elsewhere for the next phase of growth. It’s a well-timed pivot.
Liu is repurposing the top electronics contract manufacturer into an electric vehicle powerhouse. Foxconn, formally known as Hon Hai Precision Industry, is gearing up to supply cars, and the chips and batteries that go into them, to global marques. It sees automakers entrusting the company with production in Indonesia, Thailand, Saudi Arabia, the United States and beyond.
Getting there requires Foxconn ditching a tried and tested business model. To make smartphones, the company relies on a few factories it owns in China and it has little say over the underlying supply chains and which components to use. Cars, on the other hand, are bigger and harder to move, so Foxconn is setting up regional production hubs in partnership with potential customers. Its 40%-owned joint venture with Thailand’s PTT aspires to manufacture for automakers in Southeast Asia.
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