Sunday, March 21, 2021

Foxconn Discussing Electric Car Partnership With Vietnam’s VinFast

Taiwanese manufacturer Foxconn is engaged in early discussions with Vietnamese automaker VinFast over a potential electric vehicle (EV) partnership, sources told Reuters.  Speaking anonymously, they revealed that Foxconn is keen to buy VinFast’s EV production lines.

VinFast, which is Vietnam’s first fully-fledged domestic carmaker, is a fairly young automaker as it only founded in 2017. That being said, the company has a solid background since it is a subsidiary of Vingroup JSC which is a massive conglomerate founded by the country’s first billionaire, Phạm Nhật Vượng.

But one source said that VinFast is instead leaning towards a partnership – the company wants to brand itself as an eco-friendly automaker and keep its EV business. While Foxconn apparently declined to comment on this matter, a VinFast’s spokesperson has told Reuters that it has indeed received proposals from the Taiwanese manufacturer but nothing has been set on the stone at the moment and the discussion towards batteries as well as electric car parts.

Known by many for its work on iPhone, Foxconn has recently been making aggressive forays into the automotive market. In January, it linked arms with Chinese automaker Geely to provide contract manufacturing and electric vehicle consulting services for other carmakers.

Then, last month, it reached a deal codenamed “PROJECT PEAR” to build electric vehicles for US electric car company Fisker.

Foxconn Chairman Liu Young-way said in October last year that the company wants to provide components or services to 10% of the world’s electric vehicles by 2025 to 2027, Reuters noted.

Apple itself is eager to enter the electric vehicle market, reportedly planning a 2024 launch for its car project. To that end, Apple allegedly entered talks with carmakers like Hyundai and Nissan, but those discussions have fizzled out for now.

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