Saudi Press

Saudi Arabia and the world
Saturday, Feb 22, 2025

There's a growing chance your next electric car will be built by the same company as your iPhone

There's a growing chance your next electric car will be built by the same company as your iPhone

There's a solid chance your next electric car — perhaps your first electric car — will be made by the same company as the iPhone in your hand right now. 

There's a solid chance your next electric car — perhaps your first electric car — will be made by the same company as the iPhone in your hand right now. 

And no, we're not talking about Apple's long-rumored autonomous vehicle, which Bloomberg reports has been delayed to 2026. Nor is Google cooking up a Tesla rival of its own. 

Foxconn, the Taiwanese electronics giant that assembles all manner of popular devices including the iPhone, iPad, Kindle, and Nintendo Switch, is diving head-first into the world of electric vehicles. But rather than sell EVs under its own brand, it wants to design and manufacture cars for established automakers and the new crop of EV startups. 

In other words, what Foxconn currently does for Apple, it hopes to do for Tesla. In October, Foxconn's chairman said the company aims to someday make 40-45% of the world's EVs, matching the success it's achieved in electronics.


Foxconn unveiled an electric pickup truck prototype in October.

Foxconn unveiled its first EV prototypes last year and has wasted little time lining up a roster of automotive clients. Earlier this year, the iPhone-maker bought a former General Motors plant in Lordstown, Ohio from struggling automotive startup Lordstown Motors. Lordstown Motors just recently started shipping out Foxconn-made electric pickup trucks to customers. 

Fisker, another EV upstart, has tapped Foxconn to manufacture its second vehicle, the Pear, in Ohio starting in 2024. Foxconn will also build prototypes for yet another startup, Indi EV. And it's inked a partnership with Taiwan's Yulon Motor. 

Volkswagen is considering hiring Foxconn to build its new Scout-branded electric SUV and pickup truck destined for US buyers, Germany's Automobilwoche reported in November. 

Foxconn's foray into EVs is a savvy move, Bill Russo, founder and CEO of Automobility, a Shanghai-based auto-industry consulting firm, told Insider. The company has found great success shouldering the capital-intensive parts of manufacturing electronics, in part because it's able to buy components in such large volumes. And, he said, it's well-positioned to do the same for EV makers, who are eager to reduce the enormous investments required to develop and bring a car to market. 

Plus, vehicles are becoming increasingly internet-connected and computerized, requiring more and more of the electronic components that Foxconn is familiar with. 

"That sounds a lot like the devices that Foxconn builds today. A lot of screens, a lot of chips, a lot of stuff that they know how to buy in significant enough volume" to drive down costs, Russo said. 

Tu Le, managing director of automotive consultancy Sino Auto Insights, says Foxconn's entry will be a boon for the EV startups that don't have the cash to build their own factories. US upstarts Rivian and Lucid have spent huge sums setting up plants of their own, but not all fresh-faced EV companies have that sort of access to capital. 

"There's going to be a lot of asset-light EV startups that are going to come out in the next 24-30 months in the United States, and they're going to need a factory with capacity that can sell them a finished good at a wholesale price," he said. 

And Le could see existing automakers without strong union ties — like Tesla — outsourcing production to Foxconn someday. But first, the company will have to prove it can churn out electric SUVs and pickup trucks to the same the same standard as its iPads and iPhones. 

"It's a ton of opportunity in front of them if they can prove that the first vehicles that roll off the line in Ohio are at the highest quality, highest reliability, highest safety standards that Americans expect," Le said.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Saudi Arabia and the United States Strengthen Ties Amid Global Developments
Saudi Arabia Hosts Global Conference to Promote Islamic Unity
The Impact of Artificial Intelligence on Education and Child Development
Saudi Arabia Announces Competition for Best Founding Day Outfits
Saudi-EU Food Security Officials Hold Talks to Strengthen Collaboration
Putin Expresses Gratitude to Saudi Crown Prince for Hosting US-Russia Talks
UK and Saudi Arabia Enhance Collaboration in Innovation and Technology
Denmark's Embassy in Riyadh Showcases Danish Cuisine with Saudi Influence
Saudi Artist Salman Al-Amir Unveils 'Tafawut' Exhibition in Riyadh
Saudi Arabia Offers Condolences to Kuwait Following Military Exercise Fatalities
Saudi Ministry of Islamic Affairs Completes Ramadan Preparations in Madinah
Etidal Secretary-General Hosts UN Counter-Terrorism Director in Riyadh
ADNOC Drilling Targets Over $1 Billion in Investments for 2025 Amid Gulf Expansion Plans
Derayah Financial Achieves Remarkable Growth in Saudi Brokerage and Asset Management
Saudi Arabia Shortlists 30 Firms for Mining Licenses in Eastern Province and Tabuk
Saudi Foreign Minister Engages Counterparts at G20 Meeting in Johannesburg
Oil Prices Decline Amid Rising US Inventories
Saudi Arabia's NDMC Plans Green Bond Issuance by 2025
Moody’s Affirms Egypt’s Caa1 Rating Amid Positive Economic Outlook
Oman and Saudi Arabia Strengthen Economic Ties with New Agreements
Saudi Arabia Investments Propel Expansion of Qurayyah Power Plant
Saudi Capital Market Authority Advances SPACs and Direct Listings
Global Energy Leaders Gather in Riyadh for Symposium on Energy Outlooks
Al-Ahsa Region Sees 500% Growth in Tourism as Saudi Arabia Prioritizes Development
Saudi Arabia Advances Entrepreneurial Ecosystem in Al-Ahsa with New Agreement
King Salman Approves Official Saudi Riyal Symbol
Saudi Credit Card Lending Reaches $8.4 Billion Amid Digital Payment Expansion
King Salman Approves Official Symbol for Saudi Riyal
Putin Thanks Saudi Crown Prince for Facilitating U.S.-Russia Discussions
Saudi Foreign Minister Attends G20 Meeting in Johannesburg
Saudi Arabia Prepares for Nationwide Founding Day Celebrations
Inauguration of Hira Park and Walkway Enhances Jeddah's Urban Landscape
Crown Prince Hosts Leaders for Informal Meeting in Riyadh Amid Gaza Rebuilding Plans
Saudi Official Highlights Achievements and Media's Role in National Transformation
Three Expatriate Women Arrested for Prostitution in Riyadh
Saudi Arabia's Diplomatic Evolution Highlighted at Saudi Media Forum
Healthy Eating and Preparation Essential for Ramadan Fasting
Saudi Arabia and Japan Forge Sustainable Textile Partnership
Advanced Limb Surgery Restores Mobility in Pediatric Cancer Patient
Jeddah Event Explores AI's Role in Boosting Saudi Arabia's SME Sector
UN Representative Highlights AI's Role in Perpetuating Gender Stereotypes
Saudi and Jordanian Leaders Discuss Enhanced Security Cooperation in Amman
Saudi British Society Honors Cultural Bridge-Builders at London Gala
Saudi Media Forum 2025 Explores AI's Role in Modern Journalism
Saudi Arabia's Saqer Al-Moqbel Appointed as WTO General Council President for 2025–2026
Saudi Deputy Ministers Engage in Diplomatic Discussions with U.S. and Dutch Officials in Riyadh
Saudi Arabia to Launch Iftar Program in 61 Countries During Ramadan
Saudi Visitors Expected to Spend £942 Million in UK During 2025
Saudi Arabia Gifts Kaaba's Kiswah to Uzbekistan's Center of Islamic Civilization
Digital Cooperation Organization Concludes Fourth General Assembly with Multiple Agreements
×