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Foxconn Expands Its Automotive Business to Boost Future Growth

  • The Taiwanese company unveils chassis for electric vehicles
  • It plans to introduce a solid-state battery within four years
Young Liu
Young LiuPhotographer: Ashley Pon/Bloomberg

Hon Hai Precision Industry Co. unveiled plans to expand its nascent automobiles business as the Taiwanese electronics giant seeks to offset slowing growth in its core consumer electronics assembly business.

On Friday, it announced its first electric vehicle chassis as well as a software platform that is aimed at helping EV makers deliver models to the market faster. The company also outlined plans to release a solid-state battery by 2024 that could potentially displace the more commonly used lithium-ion batteries in electric vehicles.