TAIPEI : Foxconn's venture attempting to build a standardised electric vehicle platform is targeting India or Thailand for the production of a small battery-powered car under development, the unit's chief executive said.
He declined to name the companies in talks with MIH, but said the car would be priced between $10,000 and $20,000. India and Thailand are likely contenders for production sites, he said, adding that he expected India to be crucial to MIH's longer-term growth. Since 2021, Foxconn has had a joint venture with Thailand's state-energy company PTT centred on EVs, an area of focus for the Southeast Asian country's government.
Cheng conceded MIH had"not seen success yet" but said returns for participating suppliers would come with orders for a range of new EVs called Project X. The idea is to use low-cost, shared platforms to allow corporate fleet operators to order custom-made EVs. Based on its timeline, it would take MIH four years or more from its founding to first sales in a best case scenario.