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Foxconn expects meaningful EV profits from 2023 on US production deal

iPhone assembler sees supply chain shortage worsening in current quarter

A logo of Foxconn at its headquarters in New Taipei City (Photo by Ken Kobayashi)

TAIPEI -- Foxconn, the iPhone assembler now making a big push into building electric vehicles, will not see a significant contribution to revenue and profits from the emerging business until at least 2023, its chairman said on Friday.

The comments from Foxconn Chairman Young Liu came after the Taiwanese company finalized a contract with Fisker to build its first car in the U.S. by 2023. The companies are still mulling four locations including Foxconn's manufacturing complex in Wisconsin.

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