Foxconn subsidiary invested $36M in Gigasolar Materials to develop EV battery materials.
Taiwan’s Foxconn said a subsidiary has invested T$995.2 million ($36 million) in Gigasolar Materials Corp to develop electric vehicle (EV) battery materials.
Foxconn, Apple’s main iPhone maker, said the investment via a private placement through a Taiwan-based subsidiary will make it the second-largest shareholder in Gigasolar, known for manufacturing solar cell materials.
The two companies will jointly develop materials for electric cars, Foxconn said in a statement.
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Foxconn has identified electric vehicles as a key new business and has struck several deals with companies, including Italian carmaker Stellantis and Thailand’s state-run energy group PTT.
The Taiwanese company aims to provide components or services to 10% of the world’s electric cars by 2025 to 2027, Foxconn chairman Liu Young-way said in October, vowing to lower manufacturing and other costs with its assembling know-how as the world’s largest contract electronics manufacturer. (Reporting by Yimou Lee; Editing by Alexander Smith and Bernadette Baum).
About Foxconn
Hon Hai Precision Industry Co., Ltd., trading as Foxconn Technology Group and better known as Foxconn, is a Taiwanese multinational electronics contract manufacturer with its headquarters in Tucheng, New Taipei City, Taiwan. In 2010, it was the world’s largest provider of electronics manufacturing services and the third-largest technology company by revenue. The company is the largest private employer in Taiwan[5] and one of the largest employers worldwide. Terry Gou is the company’s founder and former chairman.
Foxconn invests $36 mln in EV partnership with Gigasolar, Taipei, June 15, 2021
