Apple Supplier Foxconn Unveils 3 EVs Including Sedan, SUV, Bus: What You Need To Know

Key Apple Inc AAPL supplier Hon Hai Precision Industry Co Ltd HNHPF on Sunday launched three new electric vehicles at its annual tech day.

What Happened: The three new electric vehicle models include a sports utility vehicle named Model C, a Model E sedan and a Model T bus.

The Taiwan-based Apple supplier, better known as Foxconn, said all the three models share a common chassis.

Foxconn had last year at its annual day event revealed the electric vehicle strategy and showcased an open-source electric vehicle architecture.

The iPhone supplier showcased the three electric vehicles with a Foxtron badge and said its open-source platform would allow multiple customers to work together to develop their own products.

Taiwanese automakers Luxgen and Yulon Group would be the first Foxtron customers, the company said. 

Model C would be the first to hit the market in 2023, a Foxconn executive said during the event that was live-streamed from Taipei.

See Also: Apple Supplier Foxconn Is Exploring North American EV Manufacturing Sites

Foxconn called the new models “reference design prototypes” because they serve as reference versions for clients to use when they make the final designs. The vehicles would be ready for mass production once the final changes are done.

The company aims to turn electric vehicles into a $35 billion business in five years.

Why It Matters: Global automotive suppliers such as Foxconn, Canada-based Magna International MGA and others have end-to-end capabilities to build cars but do not market them under their own brands. Instead, automakers such as General Motors GM or Ford Motor Co F custom those capabilities as per their need to launch vehicles under their own brands. 

Foxconn plans to begin mass production of electric cars in the U.S. and Thailand in 2023 and was in talks for possible locations in Europe as well, Chairman Young Liu had said earlier this year.

Besides making electric vehicles, Foxconn is also working to develop a solid-state battery by 2024.

The Apple supplier had earlier this month said it is in discussion with pre-production electric vehicle startup Lordstown Motors RIDE to buy its Ohio assembly plant and build electric vehicles there for its partner Fisker Inc FSR.

See Also: Apple Supplier Foxconn Confirms Deal To Buy Lordstown Ohio Plant, Fisker PEAR Could Come Sooner

Apple too is known to be working on launching an autonomous driving car, a move that could bring some serious competition for market leader Tesla Inc TSLA.

Price Action: Foxconn shares closed 2.77% higher at $7.79 on Friday.

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Photos: Courtesy of Foxconn