Foxconn partners up with NXP Semiconductors for its EV efforts
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The US' NXP Semiconductors and Taiwan's Foxconn have signed a Memorandum of Understanding (MoU) to jointly develop platforms for electric vehicles. Foxconn is the world's largest electronics manufacturer and is also known best for assembling Apple's iPhone.
Over the years, Foxconn has expanded into newer areas like electric vehicles and even semiconductors, striking deals with US startup Fisker and Indian conglomerate Vedanta.
In a statement, Young Liu, Chairman of Hon Hai Technology Group (Foxconn) said:
“Hon Hai sees the disruptive challenges and the potential for innovation in today’s automotive industry. This is a prime opportunity given our particular electronics expertise.
NXP’s longstanding expertise and leadership in the automotive area, its innovative products and its laser focus on safety, security and quality provide the foundation for the collaboration we are activating today."
According to Reuters, Foxconn plans to provide components or services to 10% of the world's EVs by 2025 to 2027. The company will leverage its assembly knowledge to lower manufacturing costs for car-making.
NXP will be the preferred supplier for Foxconn's automotive business development. Foxconn will also integrate NXP solutions to produce module products while NXP can provide customer-oriented designs.
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