Foxconn teams up with NXP Semiconductors to develop an EV

20 Jul 2022 , 02:34 PM

The iPhone assembler from Taiwan, Foxconn, said on Wednesday that it has joined up with chipmaker NXP Semiconductors to create platforms for electric cars, adding to a string of similar agreements the company has made as it enters the auto industry.

With agreements with Indian behemoth Vedanta Ltd. and American upstart Fisker Inc., Foxconn, best known for producing Apple’s iPhones, has recently diversified into EVs and semiconductors.

In a statement, Foxconn said that it has signed a memorandum of understanding with NXP to work on EV platform development. The company referred to this as a “great opportunity” since it would help it produce EV goods more rapidly and at a lower cost.

The Taiwanese business stated that it will soon begin developing more than 10 automated products with NXP, including next-generation EV platforms utilising NXP’s CPUs.

By 2025 to 2027, Foxconn hopes to supply parts or other services for 10% of all electric vehicles (EVs) on the planet. Chairman Liu Young-way has promised to reduce the cost of producing cars by using his company’s expertise in assembly as the largest contract electronics maker in the world.

A global scarcity of chips has led the Taiwanese corporation to look for chip manufacturing facilities all around the world. It said last week that a subsidiary had invested $798 million in the troubled Chinese semiconductor behemoth Tsinghua Unigroup, making it a stakeholder in that company.