Exclusive-Foxconn EV initiative targets India and Thailand for new small car
OCTOBER 2023 cheapast carFILE PHOTO: MIH CEO Jack Cheng poses for a photo on Foxconn's EV development platform MIH demo day in Taipei
By Sarah WuTAIPEI (Reuters) - Foxconn's initiative, which seeks to create a standardized electric vehicle platform, is targeting India or Thailand for production of a battery-powered small car under development, the division's chief executive said.The Taiwanese company's EV platform unit Mobility in Harmony (MIH) is building the new three-seater EV priced under $20,000 and custom-built for an enterprise delivery fleet, MIH CEO Jack Cheng told Reuters. He said he would be willing to work with his parent company or another company for in an interview.Cheng added that MIH is in talks with grocery stores, rental car companies and courier companies before unveiling its first prototype EV at Japan's largest auto trade show in October.He declined to name the companies in talks with MIH, but said the car would be priced between $10,000 and $20,000. He said India and Thailand are likely competitors for manufacturing facilities, adding that India expects it to be crucial to MIH's long-term growth.Cheng described India as a potential "emerging power for the next generation" in the EV sector, adding, "You build where the potential market is ... You have a huge volume opportunity right now in India or Southeast Asia."MIH has not previously disclosed its manufacturing strategy or potential customers for its new vehicle.Cheapest car in the worldUSA car prices 2023Best budget carsUsed carsCheapest hybrid carsCheap Coupe carsKia new carBest cars under 20kFoxconn has a joint venture with Thailand's state power company PTT since 2021 focused on EVs, which has been the focus of the Southeast Asian country's government.Foxconn, for its part, has so far failed to make the kind of deal that would show that the EV market could open up to the contract manufacturing type Foxconn has begun to dominate in consumer electronics for Apple's iPhone.Foxconn formed the MIH consortium of nearly 2,600 vendors two years ago to create an open platform that could become the equivalent of Google's Android operating system for EVs.Cheng acknowledged that MIH "has not yet had success," but said returns to participating suppliers will come with a series of new EV orders called Project X. The idea was to use low-cost, shared platforms to allow enterprise fleet operators to custo
OCTOBER 2023 cheapast carFILE PHOTO: MIH CEO Jack Cheng poses for a photo on Foxconn's EV development platform MIH demo day in Taipei
By Sarah WuTAIPEI (Reuters) - Foxconn's initiative, which seeks to create a standardized electric vehicle platform, is targeting India or Thailand for production of a battery-powered small car under development, the division's chief executive said.The Taiwanese company's EV platform unit Mobility in Harmony (MIH) is building the new three-seater EV priced under $20,000 and custom-built for an enterprise delivery fleet, MIH CEO Jack Cheng told Reuters. He said he would be willing to work with his parent company or another company for in an interview.Cheng added that MIH is in talks with grocery stores, rental car companies and courier companies before unveiling its first prototype EV at Japan's largest auto trade show in October.He declined to name the companies in talks with MIH, but said the car would be priced between $10,000 and $20,000. He said India and Thailand are likely competitors for manufacturing facilities, adding that India expects it to be crucial to MIH's long-term growth.Cheng described India as a potential "emerging power for the next generation" in the EV sector, adding, "You build where the potential market is ... You have a huge volume opportunity right now in India or Southeast Asia."MIH has not previously disclosed its manufacturing strategy or potential customers for its new vehicle.Cheapest car in the worldUSA car prices 2023Best budget carsUsed carsCheapest hybrid carsCheap Coupe carsKia new carBest cars under 20kFoxconn has a joint venture with Thailand's state power company PTT since 2021 focused on EVs, which has been the focus of the Southeast Asian country's government.Foxconn, for its part, has so far failed to make the kind of deal that would show that the EV market could open up to the contract manufacturing type Foxconn has begun to dominate in consumer electronics for Apple's iPhone.Foxconn formed the MIH consortium of nearly 2,600 vendors two years ago to create an open platform that could become the equivalent of Google's Android operating system for EVs.Cheng acknowledged that MIH "has not yet had success," but said returns to participating suppliers will come with a series of new EV orders called Project X. The idea was to use low-cost, shared platforms to allow enterprise fleet operators to custo
