Largest iPhone manufacturer Foxconn broke ground on its first battery cell plant in the southern Taiwanese city of Kaohsiung, marking the latest move by the key iPhone assembler to make inroads into the booming electric vehicle industry.
The move came after the company said it aims to become the first EV maker that is “not short on material supplies.”
“We plan to build a localised ecosystem for the battery supply chain, from materials to battery cells and battery packs, in Kaohsiung,” said Foxconn Chairman Young Liu, reports Nikkei Asia.”The city will become an important base for Foxconn’s EV global footprint“.
Foxconn aims to capture nearly 5 per cent of the global EV market by the end of 2025. Last year, the Apple supplier moved ahead with its plan to acquire a Lordstown Motors vehicle assembly plant in Ohio, the US for $230 million.