Apple supplier Foxconn strikes EV deal with Indonesia

By Arya M Nair, Official Reporter
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Taiwan-based Foxconn, one of Apple’s oldest and largest suppliers, has partnered with Indonesia’s Investment Ministry and other companies to boost the development of electric vehicles in the Southeast Asian country, the latest in a series of such deals by it.

In recent years, Foxconn has increased its commitment in electric vehicles (EVs), initiating deal with US-based startup Fisker and Thailand’s energy giant PTT Public Company Limited (PTT PCL).

The company said that it has signed a Memorandum of Understanding (MoU) with the Indonesian Ministry of Investment as well as Indonesia Battery Corporation, energy firm PT Indika Energy and Taiwanese electric scooter vendor Gogoro, for a wide range of investment on EVs including battery manufacturing.

Foxconn, which aims to build a “new energy ecosystem” in Indonesia, also includes the development of EV supporting industries such as energy storage systems, battery exchange stations and recycling.

Under the partnership, an open “MIH platform” that provides both hardware and software services will be available to companies in Indonesia, the company said, without giving details of the size of the investment or production plans.

Mr. Liu Young-way, Chairman of Foxconn, stated that the company aims to supply components or services to 10 percent of the world’s EVs by 2025 to 2027, pledging to reduce manufacturing and other costs for carmakering with its assembly know-how as the world’s largest contract electronics manufacturer.

In October 2021, Foxconn unveiled its first electric vehicles (EVs) prototypes, highlighting its ambitious plans to diversify away from the role of building consumer electronics for Apple and other tech firms.

Related: Sony Group to set foot in Electric Vehicle market with new subsidiary