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Foxconn pushes into electric vehicle production near its biggest iPhone plant amid slow smartphone sales

  • The Apple supplier has set up a new venture in Zhengzhou to sharpen its focus on the electric vehicle industry
  • The new project will involve car component manufacturing and development, motor production and car sales

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A Foxconn building in Taipei. Photo: Reuters
Iris Dengin Shenzhen
Foxconn Technology Group has set up a new car venture in Zhengzhou city, capital of central China’s Henan province and home to the world’s largest iPhone factory, as the Apple supplier steps up its efforts in the new energy vehicle (NEV) sector amid declining smartphone sales.
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The new firm, named Foxconn New Energy Automobile Industry Development (Henan) Co, was established on January 4 with a registered capital of 500 million yuan (US$70 million), according to public records in the National Enterprise Credit Information Publicity System.

Its business covers car component manufacturing and development, motor production and NEV sales, among other areas.

Foxconn, known formally as Hon Hai Precision Industry, said the new venture belongs to Foxconn Innovation Industry Development Group Co and aims to sharpen the company’s focus on the electric vehicle industry, according to a report by the Securities Times on Tuesday.

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Foxconn confirmed the report, adding that the Henan subsidiary was disclosed in December 2023 to the Taiwan Stock Exchange.

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The world’s largest contract electronics manufacturer is accelerating its move into the automobile industry amid weakening demand for smartphones and consumer gadgets.

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