A Manufacturing Giant Can Do Without an iDistraction
Making Apple’s car would have taken the focus away from Foxconn’s strength in the high-margin business of EV supply chains and components.
All about EVs.
Photographer: I-Hwa Cheng/BloombergApple Inc. killing its car project may end up being the best outcome for its most important manufacturing partner as both companies search for a future beyond iPhones. In fact, the latest earnings from Foxconn Technology Group show that it has much better things to do than assemble high-priced consumer products that carry someone else’s logo.
Project Titan, as Apple’s secretive self-driving vehicle had been dubbed, was finally cancelled after a decade-long effort to match Tesla Inc. in an electric-car market that’s set to be the next big thing after computers and smartphones. Hon Hai Precision Industry Co., Foxconn’s Taipei-listed flagship, was expected to be a major beneficiary had development continued.