Foxconn holds meetings with Vietnam-based VinFast Company on electric vehicle corporation

Electric vehicles Energy

Foxconn, a Taiwan-based industry, is at its first stages of negotiating its partnership with VinFast automaker concerning electric vehicles. Foxconn proposed to start receiving electric vehicle production lines from VinFast. However, VinFast, which is the largest Vingroup JSC division, opts to make a deal to garner a brand of an eco-friendly vehicle manufacturer. The company plans to make electric vehicle production its core business.

The largest contract producer and Apple Inc dealer outlined its strategies of becoming the leading provider of EV parts and other services in the EV global market. In case they reach the point of making a successful agreement, VinFast would opt to follow deals with Fiat Chrysler and other EV startups.

The company’s future strategies were a significant threat to the industry, and Apple and other non-traditional players received a shortcut offer to compete in the vehicle sector. In2019, VinFast developed gasoline-powered models under its badge, and that is how it landed a fully-fledged customer of Vietnam.

The firm managed to sell approximately 30,000 vehicles in 2020, and it plans to sell over 45,000 before this year ends. The firm will commence its delivery of electric vehicles at its Hai Phong factory by December.

Vinfast also makes electric motorbikes and buses. It announced that it had launched an electric vehicle battery business with ProLogium of Taiwan.

Foxconn has set up strategies for providing parts and services of electric vehicles by the start of 20205. Foxconn has developed quickly in a way that it can grab several deals. Its notable deal is with Zhejiang Geely Holding Group, where it mainly provides manufacturing contracts to other carmakers.

Foxconn plans to start working with the U.S start-up Fisker to manufacture over 250,000 motors in two years. It plans to start its production of SUVs for china Byton in 2022. Fiat Chrysler is planning to start a business of manufacturing electric vehicles and internet-linked vehicles.

Liu Young, who serves as the chairperson of Foxconn, said that the firm might place electric vehicles at the forefront. Still, the significant problem here is the factory situated in the U.S of Wisconsin. However, the firm might opt to set up another factory in Mexico. Liu Young describes Foxconn as the new vehicle-manufacturing firm on the streets, and it has to develop rapidly to get the attention and trust from other clients. It must work on its electric vehicles’ capacity and offer the best services to its customers to garner a positive reputation.