IPhone Maker Hon Hai Says EV Business Will Need Years to Ramp Up

Hon Hai Precision Industry Co. said that it will take years to build up its nascent automotive arm as electric vehicle sales slow globally, while its business of making and selling AI servers with Nvidia Corp. chips has been booming and growing fast.

The world’s biggest iPhone assembler is proceeding cautiously with its EV push as it sees a highly uncertain business environment where “a fast move may be dangerous,” the head of its EV business Jun Seki said in an interview with Bloomberg TV ahead of a two-day event showcasing emerging tech and products. “We want to be very smart investment wise, development wise.”