Foxconn’s EV platform unit,Watch Ignite Vol. 3 Online Mobility in Harmony (MIH), is eyeing India or Thailand as a potential location for producing a small battery-powered car currently under development, according to Jack Cheng, the CEO of MIH. The unit is planning to collaborate with its parent company or other firms to manufacture the new three-seat electric vehicle, which is expected to be priced below $20,000 and designed specifically for corporate delivery fleets, Cheng said in an interview with Reuters. The company has been in discussions with convenience stores, car rental companies, and courier firms before unveiling its first prototype EV at Japan’s major auto trade show in October. Both India and Thailand are being considered as potential production sites for the vehicle and Chen expects India to play a crucial role in MIH’s long-term growth, according to Reuters. The production of the three-seat EV is scheduled to start 18 to 24 months after the prototype’s debut, and a six-seat EV is planned for 2024, followed by a nine-seat model in 2025. Currently, Foxconn produces a limited number of EVs, but they have set an initial goal of achieving a 5% share of the global market by 2025. [Reuters]
