April 15, 2024


Unlimited Technology

Apple Inc. (NASDAQ:AAPL), Flagstone Reinsurance Holdings S.A. (NYSE:FSR) – Apple Supplier Foxconn’s First Electric Car Seen Being Shipped Ahead Of Unveiling

Key Apple Inc (NASDAQ: AAPL) supplier Hon Hai Precision Industry Co Ltd’s (OTC: HNHPF) soon-to-be-unveiled electric car has been seen while being shipped out, Electrek reported on Monday.

What Happened: The Taiwan-based supplier, better known as Foxconn, which is expected to begin commercial production of its electric cars later in 2023, is expected to officially unveil the car later this month at an event. 

See Also: Apple Supplier Foxconn Is Exploring North American EV Manufacturing Sites

The electric car is being marketed under the Foxtron brand. The vehicle has a large screen behind the steering wheel and appears to be a crossover or could be a wagon-style car, Electrek noted.

Foxtron electric car. Photo: Courtesy of Autohome via Electrek

Why It Matters: Foxconn had last year said it had developed a platform of open-source hardware and software for manufacturing electric vehicles. It was also working to develop a solid-state battery by 2024.

The biggest Apple supplier had earlier this month said it is in discussion with pre-production electric vehicle startup Lordstown Motors (NASDAQ: RIDE) to buy its Ohio assembly plant and build electric vehicles there for its partner Fisker Inc (NYSE: FSR).

See Also: Apple Supplier Foxconn Confirms Deal To Buy Lordstown Ohio Plant, Fisker PEAR Could Come Sooner

Foxconn Chair Young Liu had earlier this year said the company planned to begin mass production of electric cars in the U.S. and Thailand in 2023 and was in talks with possible locations in Europe as well.

Price Action: Hon Hai shares closed 0.52% higher at $7.79 a share on Monday.

Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.

Photo: Courtesy of Puddingworld via Wikimedia

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