TAIPEI (TVBS News) — In a strategic move to solidify its position in the global electric vehicle (EV) market, Foxtron, a joint venture between Hon Hai (鴻海) and Yulon (裕隆), announced plans to expand its EV designs to Taiwan, Southeast Asia, the U.S., and Europe. Foxtron CEO Andy Lee (李秉彥) emphasized the importance of enhancing competitiveness amidst the inevitable competition from Chinese EV brands during the company's shareholder meeting on Thursday (May 23).
Global Expansion Amidst Competition
Lee highlighted that facing competition from Chinese EV brands is an unavoidable aspect of doing business globally, but they will continue to enhance their own competitiveness.
This approach includes continuing the development of their own EV models, with plans to enter markets in Southeast Asia, the U.S., and Europe. The company also revealed its progress with the LUXGEN (納智捷) brand n7 electric vehicle, noting the smooth delivery of the first wave of n7 EVs and the potential for a second pre-order phase, details of which are yet to be confirmed.
Future Plans and Market Strategy
Foxtron's collaboration with Yulon has yielded successful deliveries of the LUXGEN n7 EV, with plans to expedite the waiting period for consumers. Additionally, Hon Hai disclosed its intentions to market its SUV Model C, Crossover Model B, and electric bus Model T not only in Taiwan but also in Southeast Asia, the U.S., and Europe. With plans to launch new models in the U.S. market by 2025 and ongoing projects in Japan, Hon Hai is aggressively pursuing its global EV ambitions.