One of the largest electronics manufacturers in the world, Foxconn, announced on Sunday that it intends to invest T$25 billion ($820 million) in southern Taiwan over the next three years.
The company also known as Hon Hai Precision Industry Co Ltd, plans to establish new manufacturing facilities that will support its electric vehicle endeavors.
The electronic giant said that the investment will be used to build plants in Kaohsiung that will be used for manufacturing electric buses and EV batteries.
As a significant supplier of Apple Inc and iPhone manufacturer, Foxconn is keen to venture into the EV market and broaden its revenue streams.
Foxconn has a long-standing and close relationship with Apple. In fact, Foxconn is one of Apple’s largest suppliers and assembles a majority of the company’s products, including the iPhone, iPad, and MacBook.
Foxconn’s relationship with Apple has been vital to its success, with Apple products accounting for a significant portion of Foxconn’s revenue.
However, the company has been looking to diversify its revenue streams and reduce its dependence on Apple, which is why it is now investing heavily in the electric vehicle market.
