Hon Hai subsidiary invests another $33 million to invest in electric vehicle business
CTOnews.com, November 25, according to Taiwan's Central News Agency, Hon Hai announced yesterday that its subsidiary Foxconn EV Technology injected another $33 million (about 236 million yuan) into Foxconn EV SystemLLC, maintaining its shareholding ratio. Hon Hai points out that the main purpose is long-term investment.
Foxconn EVTechnology is an important company in Hon Hai Group's overseas layout of electric vehicle business. In November last year, Hon Hai formally signed a final asset purchase agreement with Lordstown Motors, a commercial supplier of electric light trucks, at the Lordstown plant in Ohio, with Foxconn EVTechnology as the main investor.
CTOnews.com learned that Hon Hai announced on May 30 that Foxconn EV Technology would increase its capital to Foxconn EVSystem LLC by $41.932 million.
Looking forward to the layout of electric vehicles next year, Hon Hai previously pointed out that in Taiwan, Model C will hand over cars to Na Zhijie and build a Kaohsiung Battery Center; produce INDIEV prototypes and mass produce Monarch electric agricultural vehicles in the United States; build an electric car manufacturing plant in Thailand, promote software and engineering services in Saudi Arabia, and promote electric bus and battery manufacturing in Indonesia; and expand its automotive parts factory in Mexico.
On May 12, Hon Hai announced that Foxconn EV Technology had invested $55 million (about 393 million yuan) to acquire MIH EVDesign LLC. About 55% equity. The latter is a joint venture between Hon Hai subsidiary and Lordstown, a US supplier of commercial electric light trucks.
