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Foxconn in talks to buy chip plant to support EV ambitions

Key Apple supplier keen to secure components amid global crunch

Foxconn, a key iPhone assembler, is betting on electric vehicles to spur growth as the smartphone market matures. (Source photos by Reuters and screenshot from Macronix International website)

TAIPEI -- Key Apple supplier Foxconn on Tuesday confirmed it is in talks to buy a chip manufacturing plant from a leading Taiwanese memory chipmaker, a move aimed at securing resources for its electric vehicle business amid the global semiconductor supply crunch.

Foxconn Chairman Young Liu told reporters in Taipei on Tuesday that semiconductors will play a crucial role in the company's EV development blueprint. Electric models require far more chips -- including power chips, image sensors and positioning sensors -- than traditional autos.

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