Foxconn’s EV Ambitions in India: Here’s What We Know So Far
Foxconn’s EV platform, Mobility in Harmony (MIH), is actively exploring options to produce small battery-operated cars, and both India and Thailand are being considered as potential production sites. The Taiwanese company’s CEO, Jack Cheng, revealed to Reuters that they are open to collaborating with their parent company or other partners to develop a three-seat electric vehicle priced below $20,000.
The primary focus for this new EV will be to cater to corporate delivery fleets. By offering an affordable and tailor-made electric vehicle, Foxconn aims to tap into the growing demand for eco-friendly and cost-effective solutions in the logistics and delivery sector.
The decision to consider India and Thailand as potential production locations indicates the significance of these markets in the global EV industry. Both countries have been witnessing an increasing interest in electric mobility and have been implementing supportive policies and incentives to promote the adoption of electric vehicles.
By exploring these production sites and developing affordable EV solutions, Foxconn’s MIH platform aims to play a significant role in the expansion and development of the electric vehicle market, particularly in the corporate delivery and logistics segment. As the global automotive industry transitions towards sustainable mobility, partnerships and innovative offerings like the proposed three-seat EV will likely shape the future of electric mobility solutions worldwide.
As the Mobility in Harmony (MIH) platform prepares to unveil the prototype of its new three-seat electric vehicle at Japan’s auto trade show in October, the company is actively engaging in discussions with potential partners in various industries. MIH is reportedly in talks with convenience stores, car rental companies, and courier companies to explore potential collaborations for its electric vehicle aimed at corporate delivery fleets.
While MIH’s CEO, Jack Cheng, did not disclose the names of the companies they are working with, he hinted that India and Thailand are strong contenders as production sites for the EV. Both countries offer significant advantages in terms of market potential, supportive policies, and growing interest in electric mobility. Cheng also emphasized that India, in particular, plays a crucial role in the platform’s long-term growth strategy.
The strategic choice of India and Thailand as potential production sites aligns with the growing importance of these markets in the global electric vehicle industry. India, with its vast population and increasing demand for sustainable transportation solutions, presents a promising opportunity for MIH to expand its presence and capture a significant share of the EV market.
As MIH aims to bring its affordable and tailor-made electric vehicle to the corporate delivery fleet sector, collaboration with established companies in various industries becomes essential for successful adoption and integration of the new EV. With the prototype’s upcoming unveiling and ongoing discussions with potential partners, MIH is positioning itself to make a significant impact on the electric mobility landscape in India and beyond.
As the Mobility in Harmony (MIH) platform gears up for the unveiling of its prototype electric vehicle at Japan’s auto trade show in October, the CEO, Jack Cheng, emphasizes the importance of building production facilities in markets with significant growth potential. He points out that India and Southeast Asia offer a tremendous volume opportunity at present, making them attractive locations for manufacturing the EV.
Cheng considers India to be a potential emerging power in the EV sector for the next generation. The country’s large population, rising awareness of sustainability, and supportive government policies create a favorable environment for electric mobility to flourish.
After the prototype’s debut, MIH plans to begin production of the small three-seat electric vehicle in about 18-24 months. This timeline aligns with the company’s strategy to swiftly capitalize on the growing demand for electric vehicles and establish a foothold in key markets.
Looking ahead, MIH has ambitious plans for expansion. Following the initial three-seat model, the company aims to introduce a six-seat EV in 2024 and a nine-seat model in 2025. These moves are indicative of MIH’s commitment to diversifying its electric vehicle offerings and catering to a broader range of customer needs.
Overall, MIH’s approach revolves around identifying and tapping into high-potential markets like India and Southeast Asia, setting the stage for growth and success in the rapidly evolving electric vehicle industry. The company’s long-term vision is to position itself as a significant player in the global EV market and contribute to the advancement of electric mobility worldwide.
Foxconn’s MIH platform has set ambitious goals to capture 5% of the global electric vehicle (EV) market by 2025. As Foxconn produces a limited number of EVs presently, the success of MIH’s sales will contribute significantly to achieving this target. MIH’s small three-seat EV, tailor-made for corporate delivery fleets and priced below $20,000, is a key offering that will aid in meeting these objectives.
Cheng highlights the potential for rapid scaling in the EV industry, exemplified by Tesla’s success in Shanghai. Drawing inspiration from this, MIH envisions establishing a manufacturing facility in India that can match the efficiency and competitiveness of Tesla’s Shanghai plant. If the Foxconn plant in India proves to be the optimal choice, it will be utilized to meet the production demands. However, Cheng is open to exploring local India-based options if they prove to be more competitive.
The MIH consortium, established by Foxconn two years ago, comprises around 2,600 suppliers. The primary aim behind creating this open platform was to develop an ecosystem equivalent to Google’s Android operating system but for electric vehicles. This open and collaborative approach allows multiple manufacturers to build EVs on the MIH platform, accelerating innovation and bringing forth a wide range of EV offerings to the market.
With its sights set on a significant portion of the global EV market share, MIH is actively seeking opportunities to expand its production and footprint in key markets like India. By leveraging Foxconn’s manufacturing expertise and a robust ecosystem of suppliers, MIH aims to play a pivotal role in shaping the future of electric mobility on a global scale.
