Foxconn executives revealed that two light vehicles based on its own platform will be unveiled this year

Recently, Foxconn Technology Group executives revealed at a press conference that Foxconn will launch two light vehicles built on its own platform in Q4 2021. At the same time, Foxconn will also launch a commercial electric bus.

The reason why Foxconn, a consumer electronics OEM, has begun to focus on the automotive business is related to the general trend of the entire technology industry.

Although Foxconn has made a lot of money by manufacturing consumer electronics, the market for consumer electronics such as smartphones has reached its ceiling as the market gradually becomes saturated. According to IDC data, global smartphone shipments in 2020 were only 385.9 million units, down 5.9% year-on-year. As Foxconn's largest customer, Apple has already begun to actively explore the smart car industry, so Foxconn has no reason not to follow the leading companies.

On the other hand, although new energy vehicles have not yet completely surpassed fuel vehicles, judging from the market trend, new energy vehicles are on the eve of an explosion. According to the "Global Intelligent Connected Vehicle Forecast Report (2020-2024)" released by IDC, it is expected that by 2024, the global shipment of smart cars will exceed 76.2 million units, with an average annual compound growth rate of 14.5% in the past five years.

However, although the smart car market is about to explode, Foxconn maintains a calm expectation for the smart car business. Liu Yangwei, chairman of Foxconn subsidiary Hon Hai Precision Industry Co., Ltd., said that it is expected that the smart car business will make a positive contribution to the group in terms of finance in 2023.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.