The boxy three-seater that Foxconn Electric Vehicle Alliance has planned

• ByStartupStory     |    November 10, 2022

The electric vehicle consortium MIH, which is run by Foxconn Electric Vehicle, made the announcement on Tuesday that it aims to build its first vehicle, a boxy three-seater with a single row of seating that the consortium expects would be well received by families in Asia with just one kid. In recent years, Taiwan’s Foxconn, the world’s biggest contract electronics maker, has increased its investment in Foxconn electric vehicles (EVs) and semiconductors. As part of this expansion, the company has announced collaborations with American startup Fisker Inc. and Indian behemoth Vedanta Ltd.

The MIH Consortium plans to build its first car, which it will refer to as Project X, in 2023 and start mass production the following year, despite the fact that the company has not yet confirmed any customers for the vehicle. The company is placing its bets on the robust demand for smaller electric cars in Asian markets.

At an event in Taipei to introduce the Foxconn electric vehicle that would be made to the buyer’s specifications, Jack Cheng, the chief executive of MIH, stated, “We need to do something new to disrupt the industry.” The event was held to reveal the EV. Cheng encouraged users to “build your own vehicle using Project X” by pointing to the modular architecture of the vehicle. “It’s like Lego. I am able to quickly and simply install (a module) and remove it “Cheng stated.

Availability of three seater Foxconn Electric Vehicle 

According to him, the three-seater would be available for less than $20,000 in total. As the primary manufacturer of iPhones for Apple, Foxconn ultimately intends to achieve the same degree of success in the production of Foxconn electric vehicles as it has achieved in the production of personal computers and mobile devices. Not just Taiwan, but also India, Thailand, Indonesia, and Japan are on MIH’s radar as potential markets for the three-seater Foxconn electric vehicle they are developing.

Cheng informed the reporters that “the American market trends towards huge automobiles,” and he said that this model would be suitable for a family with a single kid. According to Cheng, there is a potential for large-scale production in a given location “as long as it is an area where our partners, including Foxconn, have manufacturing locations.” Cheng said that many MIH partners are prepared to initially take risks and suffer development expenditures since they are confident about the growth of the EV sales market.

Cheng said, “The more automobiles we produce, the more money they will make.” MIH Consortium, whose members include automotive chipmaker NXP and navigation and digital mapping business TomTom, amongst others, has said that it intends to construct a demonstration vehicle for a six-seater in 2024, to be followed by a nine-seater after that.

Foxconn made the announcement only minutes before the start of the MIH event that it had reached an agreement to purchase a near-20% share in the money-losing U.S. electric truck manufacturer Lordstown Motors Corp for up to $170 million.

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