In a recent interview with Reuters, the CEO of Mobility in Harmony (MIH), Jack Cheng, revealed that Foxconn’s EV platform unit is eyeing India and Thailand as potential production sites for a new three-seat electric vehicle (EV) priced below $20,000. MIH, a subsidiary of Taiwanese company Foxconn, is open to collaborating with its parent company or other partners to develop and manufacture the compact EV tailored for corporate delivery fleets.
Cheng disclosed that MIH has been in discussions with various companies, including convenience stores, car rental firms, and courier services, in preparation for the unveiling of the first prototype EV at Japan’s leading auto trade show scheduled for October. While the specific names of the companies were not revealed, Cheng stated that the targeted price range for the EV would be between $10,000 and $20,000.
The CEO emphasized the significance of India as a key market for MIH’s long-term growth in the electric vehicle sector. He stated that building production facilities in India or Southeast Asia is a strategic move to tap into the immense market potential in the region, referring to India as a potential “emerging power for the next generation” in the EV industry.
Foxconn’s venture into the EV market began in 2021 through a joint venture with Thailand’s state-energy company PTT, focusing on electric vehicles, a sector of particular interest to the Thai government.
Since its establishment two years ago, Foxconn’s MIH consortium has aimed to develop an open platform similar to Google’s Android operating system, but for electric vehicles, bringing together around 2,600 suppliers. However, Cheng admitted that MIH has yet to achieve significant success in this endeavor. Nevertheless, he expressed optimism that participating suppliers would see returns with orders for a new range of EVs called Project X. The project aims to leverage cost-effective shared platforms to enable corporate fleet operators to customize their EVs.
Cheng outlined MIH’s production timeline, with plans to commence production of the three-seat EV approximately 18 to 24 months after the prototype’s October unveiling. Subsequent models, including a six-seat EV in 2024 and a nine-seat model in 2025, are also in the pipeline.
Despite facing competition from established automakers and startups ramping up their own EV production, Cheng drew inspiration from Tesla’s successful scaling with its large plant in Shanghai. He expressed confidence in replicating a similar growth trajectory, stating his intent to create another “Shanghai-like” manufacturing facility, potentially in India.
Foxconn, which currently produces a limited number of EVs, has set an ambitious goal of capturing a 5% share of the global market by 2025. MIH’s upcoming sales are expected to contribute towards achieving this target, according to Cheng.
