Apple’s Largest Assembler Foxconn Unveils Electric Vehicles

Foxconn Technology Group on Monday showcased it first electric vehicle (EV) which further cements its credentials to be the top choice for Apple Inc’s (AAPL US) secret automotive project.

The technology maker introduced its concept SUV and sedan models in an extravagant event in Taipei. EV manufacturing capacity will only extend to catering to automotive customers rather than selling under inhouse brand.

Apple did not officially lay out any plans for expanding into automotive industry rather mostly it is market speculation. However, in such case of Apple to launch automotive product line, Foxconn would be the top contender among potential partners, given Foxconn currently is Apple’s largest assembler of iPhone. Apple accounts for 50% of annual sales of Foxconn.

Foxconn earlier in late September agreed to spend $280 million to purchase an automotive plant in Ohio from Lordstwon Motors Corp.

During the unveiling event Young Liu, Chairman of the group said, “We are no longer the new kid in town”. He further added “we have gradually built an EV supply chain and showcased our EV hardware”

Taiwan’s Yulon Motors co. will be the first customer as revealed in the event. Delivery of EV bus to a local transportation provider is in the pipeline for next year.

PTT Pcl. (PTT TB) earlier last month engaged with Foxconn in a joint venture (JV) to develop complete EV value chain in Thailand. The JV project sets production capacity at 50,000 cars per year once manufacturing is rolled out and production capacity of 150,000 car per year is in the future pipeline.