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July 19, 2021

Hon Hai to launch EV startup fund with CTBC Financial

The iPhone contract maker and a financial services company have teamed up.

By Graeme Roberts

Taiwan’s Hon Hai Precision Industry Company announced it was working with local investment company CTBC Financial Holding Company to establish a new fund to invest in startup companies operating in the electric vehicle (EV) industry, according to local reports.

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Hon Hai, widely known as Apple’s main manufacturing outsourcing company Foxconn, has ambitious plans to become an EV contract maker and has developed its own modular EV platform.

Hon Hai is establishing an effective supply chain for EVs with around 1,800 Taiwanese companies and startups having already joined its Mobility in Harmony (MIH), a group of companies wanting to become suppliers of EV components and services.

Hon Hai and CTBC said the new fund would begin raising capital in the fourth quarter of 2021 with an aim to generate between NT$5bn and NT$10bn (US$178m-US$357m) in working capital from private institutional investors and from Taiwan’s National Development Fund (NDF).

Hon Hai chairman Young Liu said in a statement the fund’s main aim was to “accelerate the rate of development” of companies operating in the electric vehicle segment by providing working capital, expertise and technical support.

Liu added: “With Hon Hai’s technical advantage and CTBC’s financial expertise, we hope to speed up the development of the EV industry and provide Taiwan with another world-class industry beyond semiconductors and information and communications technology.”

CTBC Bank chairman Morris Li said: “Bringing public and private investment together is key to fostering the next generation of Taiwanese EV companies. We will proactively invite the NDF, financial investors and industrial sector investors to join us, to contribute to upgrading Taiwan’s industrial capabilities.”

Hon Hai has a number of deals with automakers including Geely Auto, Fisker and Stellantis.

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  • Alphabet, Tencent, and Qualcomm are the top three innovative companies in the last 10 years
  • The scorecard finds Technology & Communications and Pharma & Healthcare as the two main sectors driving innovation
  • Loreal placed as ‘Disruptive Leader’ in the Consumer sector, while Revlon has been identified as a traditional laggard
  • Companies such as Etsy and H&M are challenging retail ‘Disruptive Leaders’ Amazon and Walmart
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