What does the Daily newspaper write about Foxconn cooperating with VinFast to produce batteries and electric vehicle parts?

What does the Daily newspaper write about Foxconn cooperating with VinFast to produce batteries and electric vehicle parts?

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2021-03-23 23:58:06

The partnership will create a new foundation for electric vehicle manufacturing of Vingroup, a conglomerate with real estate strengths that is looking to produce self-driving cars and Foxconn Technology Group, a contract electronics maker. copper is the largest in the world and is also the main supplier of Apple.

“Vingroup has received a proposal from Foxconn but nothing specific yet”, a Vingroup spokesman told Nikkei today (March 22) – “The cooperation, if any, will focus on broadcasting. development of electric vehicle parts and batteries. There has been no decision to cooperate in producing electric vehicles yet “.

Foxconn declined Nikkei Asia’s request for comment. The company earlier told Nikkei that with cars increasingly reliant on computer chips, electric cars could become a bigger business than consumer electronics in the future.

Vingroup, founded by the first billionaire in Vietnam, currently makes cars through VinFast, has sold 29,485 cars domestically by 2020.

In February, VinFast said it had received a license from California to start testing autonomous electric cars. In January, the group announced plans to sell battery-powered cars in the US, Canada and Europe by 2022. In Vietnam, they plan to launch the first VinFast electric car by the end of the year. now on.

Even before negotiations with VinFast, Foxconn – officially named Hon Hai Precision Industry – moved some production activities to Vietnam and reduced production in China.

The company said that by 2020, it will invest an additional $ 270 million in Vietnam, which produces TVs, monitors, telecommunications equipment and computers. Foxconn also plans to manufacture car parts in Vietnam and invest an additional $ 700 million by 2021.

Foxconn is said to have offered to buy an electric vehicle production line from VinFast. But VinFast wants to maintain its business and promote its own eco-car brand, Reuters quoted sources as saying.

Vingroup is looking to expand overseas and demonstrate that a national brand can win over discerning overseas consumers, Nikkei said. The group started operations in real estate but has since expanded into a wide range of businesses, from travel and wellness to phones and electric scooters.

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