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June 16, 2022

Hon Hai breaks ground on EV battery plant

Further investments planned for Kaohsiung.

Taiwan’s Hon Hai Precision Industry Company this week held a ground-breaking ceremony for a new NTD6bn (US$202m) electric vehicle (EV) battery centre in the island’s southern city of Kaohsiung, which is expected to play a key role in the company’s expansion in the automotive industry.

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Hon Hai, also known as Apple’s leading contract manufacturer Foxconn, has ambitions of becoming a significant player in the global electric vehicle (EV) market and related supply chain through its newly established Foxtron Vehicle Technologies. It is positioning itself as a global EV contract manufacturer, having developed a dedicated EV platform – the MIH Open Platform, which it offers to customers.

Last month the company agreed to acquire a former General Motors vehicle plant in Ohio from local buyout company Lordstown Motors Corporation in a deal worth US$230m.

The new EV battery centre, to be built in the Ho Fa Industrial Park, is scheduled to be operational in the first quarter of 2024 and will comprise a research and development (R&D) facility and a plant with an initial production capacity of 1 GWh of lithium-ion batteries for passenger cars and commercial vehicles, as well as for energy storage devices. The EV batteries will be developed and produced with the collaboration of MIH partners.

The MIH platform, which has 2,300 members including vehicle and component manufacturers, materials companies and research institutions, was developed three years ago with the aim of reducing production lead times for EVs and of helping to generate economies of scale among small-volume vehicle manufacturers.

Hon Hai chairman Young Liu said: “The Ho Fa Industrial Park centre is just the beginning of Hon Hai’s development of batteries in Taiwan. We hope to build a battery supply chain entirely in Taiwan, from battery materials to battery cells and battery packs. We hope to localise the whole supply chain. he Kaohsiung facility will play a crucial role in our company’s global EV business expansion.”

Hon Hai said it planned to make further investments to make Kaohsiung a key testing ground for internet-of-vehicle technology.

Free Report
img

What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
  Consult this report now to find out how you and your company can benefit from our Explorer platform.
by GlobalData
Enter your details here to receive your free Report.

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