Apple Supplier Foxconn Said to Be in Talks With Indonesia for EV Investment

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A Foxtron Model C electrical  conveyance  (EV) is seen unveiled astatine  a Foxconn lawsuit   successful  Taipei, Taiwan, connected  Oct. 18, 2021. (Fabian Hamacher/Reuters)

A Foxtron Model C electrical conveyance (EV) is seen unveiled astatine a Foxconn lawsuit successful Taipei, Taiwan, connected Oct. 18, 2021. (Fabian Hamacher/Reuters)

Key Apple Inc. supplier Hon Hai Precision Industry Co. Ltd. and an Indonesian authorities bureau past week held discussions related to a imaginable electrical conveyance concern successful the country, Nikkei Asia reported connected Sunday.

What Happened

The Taiwan-based Apple supplier, amended known arsenic Foxconn, reportedly plans to physique electrical vehicles and batteries successful Indonesia, some for 2 and four-wheelers.

The investment, if it goes through, would beryllium a immense boost for Indonesia arsenic it looks to diversify itself arsenic a cardinal subordinate successful the planetary electrical conveyance proviso chain.

Foxconn president Young Liu met Indonesia’s Investment Coordinating Board, arsenic per the report.

Why It Matters

Foxconn past week revealed 3 electrical conveyance prototypes that see a sedan, a sports inferior conveyance and bus, and said it aims to crook electrical vehicles into a $35 cardinal concern successful 5 years.

The Apple supplier had earlier this period confirmed a woody with pre-production electrical conveyance startup Lordstown Motors to bargain its Ohio assembly works and physique electrical vehicles determination for its spouse Fisker Inc.

Indonesia is besides the largest shaper of nickel, a cardinal constituent utilized successful making electrical conveyance batteries.

Price Action

Foxconn shares closed marginally higher astatine $7.79 a stock connected Friday.

By Rachit Vats

© 2021 The Epoch Times. The Epoch Times does not supply concern advice. All rights reserved.

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