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Foxconn aims for 10% of electric car platform market by 2025

Taiwanese iPhone assembler sees EVs as next key source of growth

Foxconn Technology Group chairman Young Liu speaks in Taipei on Oct. 16. (Photo by Cheng Ting-Fang)

TAIPEI -- Key Apple supplier Foxconn Technology Group is aiming to control up to 10% of the global market for electric vehicle platforms by 2025 as it seeks new growth drivers to offset the long slowdown in the smartphone industry.

Foxconn, formally known as Hon Hai Precision Industry, unveiled its first open platform for electric vehicle hardware and software on Friday. Dubbed MIH, the platform is designed to cut the amount of time and resources needed to develop and produce electric cars.

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