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Photo: Foxconn |
[Alpha Biz= Kim Jisun] Taiwan’s Foxconn, Apple’s largest contract manufacturing partner, is set to invest 600 million yuan (approximately 120 billion KRW) to build a new electric vehicle (EV) battery plant in Zhengzhou, China, according to the South China Morning Post (SCMP) on Wednesday.
The report stated that Foxconn disclosed this long-term investment plan for "Foxconn New Energy Battery (Zhengzhou)" in a filing with the Taiwan Stock Exchange on Tuesday.
Foxconn New Energy Battery (Zhengzhou) is a subsidiary Foxconn established in October. The company already operates the world’s largest iPhone production facility in Zhengzhou, the capital of Henan Province in central China.
SCMP analyzed that this investment aligns with Foxconn’s strategy to diversify its revenue streams by expanding into sectors like EVs, semiconductors, and robotics. Earlier this year, Foxconn invested 500 million yuan (approximately 100 billion KRW) to establish Foxconn New Energy Automobile Development Co. in Zhengzhou for EV production.
Since 2021, Foxconn has introduced a series of electric vehicle prototypes and last year set up the Foxconn New Business Headquarters in Zhengzhou, aiming to develop eco-friendly vehicles and batteries.
According to foreign media, Foxconn has also been exploring aggressive moves in the EV market, including considering the acquisition of a stake in Nissan, which recently announced a merger plan with Honda.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
