First E-Cars Planned for 2022

In the context of the joint venture with Fiat Chrysler announced last week, the first electric cars are to be launched in 2022.

Foxconn wants to make itself somewhat more independent of consumer electronics and smartphones and enter new growth markets. According to Young Liu, Chairman of Foxconn, this includes e-cars, medical technology and robotics.

Terry Gou, the founder and long-time head of Foxconn, who resigned last year, also plans to set up an independent investment fund to put money into technology companies around the world. The "Vision Fund" of SoftBank apparently serves as a model for him.

According to an announcement by Fiat Chrysler, the partners want to develop and build battery-powered cars and enter the "Internet of Vehicle" business as part of the planned 50:50 joint venture. However, the joint venture, which is aimed at the Chinese market, has not yet been finalized. Details are to be negotiated in the coming months. When the contract can be signed, or whether it will come into effect at all, is not yet certain, according to information from Fiat Chrysler.

Foxconn sees its role in the planned joint venture as providing the necessary components and managing the supply chain. Foxconn does not want to take over the assembly of the vehicles, Liu said in Taipei. In China there are already too many manufacturers and an oversupply. Tesla had only recently started production in the Gigafactory in Shanghai. Foxconn has already invested in the Chinese battery manufacturer CATL, in Didi and in Chinese e-car start-ups such as Byton and Xpeng.