Hon Hai Group Chairman Liu Young-way (???) said on Wednesday that the group expects to build electric vehicles (EV) in several key overseas markets by 2024 by which time the global EV market is forecast to have increased dramatically worldwide.
In 2025, global EV shipments could reach 20 million units, an astounding four-time increase from the current level of 5 million, with production value at US$600 billion, Liu said in his keynote speech on the transformation and challenges facing the EV industry at an event hosted by the Third Wednesday Club.
The Third Wednesday Club is a trade group whose membership is limited to the top 100 firms in each business sector in Taiwan.
Compared with the traditional gasoline vehicle market which has around 100 million units per year, growth potential for the EV market remains strong, Liu said.
Following a BOL (build, operate and localize) model, Hon Hai is collaborating with Geely Holding Group Co., Ltd., an automobile company based in China’s Zhejiang province, and PTT Public Company Limited in Thailand, the largest corporation in that country engaged in the gas and petroleum businesses, he said.
It has also purchased assets of U.S. electric vehicle automaker Lordstown Motors Corp. and plans to indirectly cooperate with a German car maker and seek development opportunities in India and South American countries like Mexico, to cash in on burgeoning EV business opportunities across the world by 2024, he added.
As electric vehicles rely on an a lithium-ion or lithium polymer battery, an electric traction motor, and a power electronics controller to operate, this provides Taiwan’s information and communications industry, which is strong in software design and semiconductor manufacturing, with a strong incentive to enter the EV industry, Liu said.
Source: Focus Taiwan News Channel