iPhone maker Foxconn seals EV partnership in this country
Apple's main iPhone maker has expanded its activities in electric vehicles (EVs) in recent years
PremiumTaiwan-based Foxconn said it has partnered with Indonesia's Investment Ministry and several companies to support the development of electric cars in the Southeast Asian country, adding to a string of such deals by the iPhone assembler.
Foxconn, Apple's main iPhone maker, has expanded its activities in electric vehicles (EVs) in recent years, announcing deals with U.S. startup Fisker Inc and Thailand's energy group PTT PCL.
Foxconn said it has signed a memorandum of understanding for a wide scope of investment on EVs including battery manufacturing with the Indonesian Ministry of Investment as well as Indonesia Battery Corporation, energy firm PT Indika Energy and Taiwanese electric scooter vendor Gogoro.
The cooperation, which aims to build a "new energy ecosystem" in Indonesia, also includes the development of EV supporting industries such as energy storage systems, battery exchange stations and recycling, Foxconn said in a statement.
Under the partnership, an open "MIH platform" that provides both hardware and software services will be available to companies in Indonesia, the statement said, without giving details of the size of the investment or production plans.
Foxconn aims to provide components or services to 10% of the world's EVs by 2025 to 2027, Chairman Liu Young-way has said, vowing to lower manufacturing and other costs for carmaking with its assembly know-how as the world's largest contract electronics manufacturer.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
