iPhone maker Foxconn says EV business will need years to ramp up

It will probably take another five years for Hon Hai to fully utilise its production lines at an Ohio facility, EV head Jun Seki says

Foxconn founder Terry Gou introduces an electric vehicle prototype during the company’s annual tech showcase event in Taipei in October 2022. Photo: AFP
Hon Hai Precision Industry said that it will take years to build up its nascent automotive arm as electric vehicle (EV) sales slow globally, while its business of making and selling artificial intelligence (AI) servers with Nvidia chips has been booming and growing fast.

The world’s biggest iPhone assembler is proceeding cautiously with its EV push as it sees a highly uncertain business environment where “a fast move may be dangerous”, the head of its EV business Jun Seki said in an interview with Bloomberg TV ahead of a two-day event showcasing emerging tech and products. “We want to be very smart investment wise, development wise.”

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