Analysis:Foxconn races to become an EV player and the clock is ticking

TAIPEI/DETROIT : Foxconn wants to do for electric vehicles what it has done with the iPhone, but first, it needs to find the next Apple – and fast.

"The results of many of our collaborations will be realized one after the other in 2023," the company said in a statement to Reuters."The demand for EVs is driving industry disruption where prominent traditional automakers have and are pivoting to finding solutions for mobility that are cleaner and smarter."

Failure to"catch this wave" could force Foxconn to vie with lower-tier Chinese automakers who might switch to EV contract manufacturing and compete on cost, Huang said. "Sooner or later, maybe the top, traditional say, 'Hey, I want to become a product marketing company. Why do I need to carry so many employees?'" he said.

His firm estimates Foxconn hitting about 65,000 vehicles in 2025 and 157,000 in 2026."They're not making iPhones here," he said.

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