Foxconn Predicts Five-Year Ramp-Up for EV Production: A Strategic Approach Amid Business Uncertainties

The manufacturer of iPhones, Foxconn, has stated that their electric vehicle (EV) operations will require several years to reach full capacity. Jun Seki, the head of EV at Hon Hai, estimates that it will likely take around five more years for the company to completely maximize the production lines at their Ohio-based plant.

The largest assembler of iPhones globally is taking a measured approach to its venture into the electric vehicle market, due to the unpredictable nature of the business landscape where "acting hastily could prove risky," stated Jun Seki, the director of the company's EV division, in a discussion with Bloomberg TV prior to a two-day event displaying new technology and products. "We aim to invest and develop prudently," he added.

Seki, a seasoned professional from Nissan Motor who took over as the head of EV strategy at Hon Hai in 2023, is set to be among several top-level executives unveiling the company's most recent technological advancements on Tuesday. This will include a few new car models and a $3 million Nvidia AI chip server.

He commented on electric vehicles (EVs), estimating that the company might need roughly another five years to completely maximize its production lines at an Ohio facility they bought from Lordstown Motors in 2022. The Ohio plant, which is the company's primary EV hub in the US, has the capacity to manufacture 350,000 vehicles annually.

Nevertheless, Seki reiterated Hon Hai's objective of capturing 5% of the worldwide EV production by 2025 and expressed its interest in establishing a presence in Japan and Southeast Asia, along with the US.