Foxconn invests $36 million in EV partnership with Gigasolar


The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone Siu/Files

TAIPEI (Reuters) - Taiwan's Foxconn said a subsidiary has invested T$995.2 million ($36 million) in Gigasolar Materials Corp to develop electric vehicle (EV) battery materials.

Foxconn, Apple's main iPhone maker, said the investment via a private placement through a Taiwan-based subsidiary will make it the second-largest shareholder in Gigasolar, known for manufacturing solar cell materials.

The two companies will jointly develop materials for electric cars, Foxconn said in a statement on Tuesday.

Foxconn has identified electric vehicles as a key new business and has struck several deals with companies, including Italian carmaker Stellantis and Thailand's state-run energy group PTT.

The Taiwanese company aims to provide components or services to 10% of the world's electric cars by 2025 to 2027, Foxconn chairman Liu Young-way said in October, vowing to lower manufacturing and other costs with its assembling know-how as the world's largest contract electronics manufacturer.

(Reporting by Yimou Lee; Editing by Alexander Smith and Bernadette Baum)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

   

Next In Tech News

How sharing photos of kids unintentionally helps paedophile platforms
‘Oof,’ ‘yeet,’ ‘deplatform,’ among Dictionary.com’s newest words
VW to take on Tesla and Google with new software division
Zoom releases ‘apps and events’ features in major update
I see peach, you see... something else: top emojis causing confusion
Judge grants U.S. FTC more time to file amended complaint against Facebook
Former Virgin Galactic CEO to fly to space - CNBC
EV startup Rivian announces $2.5 billion funding round led by Amazon, Ford
Vodafone plans to launch additional share buy-back programmes this month
Electric air taxi startup Joby to add LinkedIn co-founder, Google exec to board

Stories You'll Enjoy


Vouchers