Analysis: Foxconn races to become an EV player and the clock is ticking

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Foxconn wants to do for electric vehicles (EVs) what it has done with the iPhone, but first, it needs to find the next Apple – and fast.

Foxconn is counting on its Mobility in Harmony EV platform, or MIH, to win customers. It calls MIH "the Android system" for EVs and is soliciting partners in an effort to standardize technologies so model variants can be developed quickly and cheaply.

Hsiao also worked on the first Android phone for Google and now sees EVs at a similar commercial inflection point. His firm estimates Foxconn hitting about 65,000 vehicles in 2025 and 157,000 in 2026. "They're not making iPhones here," he said. "They can probably buy things cheaper than anyone on earth," Raymond Tsang, a Shanghai-based partner at consultancy Bain & Company, said of Foxconn.

 

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