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Taiwanese company Foxconn has reportedly partnered with chipmaker NXP Semiconductor to develop EV platforms. The iPhone assembler is looking forward to diversifying into EVs and semiconductors since its partnerships with U.S.-based startup Fisker Inc. and Indian behemoth Vedanta Ltd.
Foxconn confirmed the development through a statement that it has signed a partnership agreement with NXP to work on EV platform development, describing the move as a great opportunity that would help it produce EV products more quickly and at a lower cost.
The Taiwan-based organization said that it will work with NXP to produce more than ten automated products, including next-generation EV platforms with the help of NXP processors.
Foxconn Chairman Liu Young-way has pledged to cut production costs for the automotive industry with its assembly know-how as the largest contract electronics maker in the world. It is worth mentioning here that Foxconn plans to provide parts or services to 10% of the world's electric vehicles by 2025 to 2027.
In response to a global chip shortfall, the Taiwanese business has been looking to buy semiconductor factories around the world. It recently started to have invested USD 798 million and became a shareholder in the troubled Chinese chip firm Tsinghua Unigroup.
Meanwhile, Indonesia's PT Indika Energy is planning to invest around USD 2 billion together with Foxconn of Taiwan to produce electric vehicles (EVs), batteries, and energy storage. In a MoU signed earlier this year, Indika, Foxconn, and three other organizations teamed up to invest a total of USD 8 billion in Indonesian EV and battery production units.
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