Taiwanese electric vehicle manufacturer Foxtron Vehicle Technologies, a joint venture between Hon Hai Precision Industry and Yulon Motor, made its debut on Monday on Taiwan Stock Exchange’s (TWSE) new trading platform Taiwan Innovation Board.

TWSE said Foxtron was the 1,000th company to be listed on the country’s main stock exchange and the eighth to trade on the board, following its initial public offering (IPO) priced at NTD50 per share. The share price fell to a low of NTD45 on its first day of trading before recovering some of the losses to close down by 3% at NTD48.65.

The company, established in 2020 with a paid in capital of NTD17bn (US$550m), is 49.9% owned by Hon Hai and 48% by Yulon Motor subsidiary Hua-Chuang Automobile Information Technical Center.

Foxtron has developed several battery electric vehicle (BEV) prototypes, including the Model B compact crossover vehicle, the Model C compact SUV, the Model E luxury sedan and the Model T large passenger bus.

The Model C is scheduled to go into production by the end of the year under Yulon’s Luxgen brand with deliveries expected to start in January. The company has set a sales target of up to 9,000 units in the first half of 2023. Production of the Model B is expected to start in the fourth quarter of next year.

Shaky start to Foxtron IPO

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By GlobalData