Foxconn has signed a memorandum of understanding (MoU) with Indonesia on wide-ranging investment in electric vehicles.
Taiwan-based Apple supplier Foxconn has signed a partnership with the Indonesian Ministry of Investment and several companies to support the development of electric vehicles in the country. The company has expanded its electric vehicle-related activities in recent years, announcing deals with US start-up Fisker Inc and Thai energy group PTT PCL.
Foxconn has signed a memorandum of understanding (MoU) with Indonesia on wide-ranging investments in electric vehicle sectors such as battery manufacturing with the Indonesian Ministry of Investment as well as Indonesia Battery Corporation, PT Indika Energy and Taiwan tram supplier Gogoro.
These partnerships aim to build a “new energy ecosystem” in the Southeast Asian country, also to develop EV-enabled industries such as energy storage systems, battery exchange and recycling stations. regime. Under the agreement, an open “MIH platform” offering both hardware and software services will be made available to companies in Indonesia.
Foxconn has not revealed many details about this platform as well as investment scale or production plans. Going forward, however, Foxconn aims to provide components or services for 10% of the world’s electric vehicles by 2025 to 2027, the company’s Chairman Liu Young-way said. He also vowed to reduce manufacturing and other costs of producing cars with his assembly know-how as the world’s largest contract electronics manufacturer.
Last month, Stellantis and iPhone assembler Foxconn announced a strategic partnership to design purpose-built semiconductors to aid automakers and third-party customers. Both companies aim to create four new lines of chips that will cover more than 80% of the brand’s semiconductor needs. The partnership will also help the automaker modernize components, reduce complexity and simplify supply chains. “This will also accelerate our ability to innovate faster and build products and services at a rapid pace,” stated Stellantis CEO Carlos Tavares.
Date of first publication: January 23, 2022, 09:58 AM IST