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Taiwan’s Foxconn pours funding into solar cell manufacturer

A motorcyclist rides past the logo of Foxconn in Taipei
Taiwan-based Foxconn makes electric vehicles for Lordstown Motors Corp and has a contract to make Fisker Inc's second car model, PEAR. Photo: Reuters

Taiwan’s contract electronics manufacturing giant deepens its commitment to electric cars as it fights outbreaks of Covid-19 among its affiliates

(AF) Foxconn, Taiwan’s contract electronics manufacturing giant, said a subsidiary has invested $36 million in a solar-cell manufacturer to develop electric vehicle (EV) battery components.

The investment was made via a private placement through a Taiwan-based subsidiary that will make it the second-largest shareholder in Gigasolar. The two companies will jointly develop materials for EVs, Foxconn said in a statement on Tuesday.

Foxconn has identified EVs as a key new business and has struck several deals with companies, including Italian carmaker Stellantis and Thailand’s state-run energy group PTT.

The Taiwanese company aims to provide components or services to 10% of the world’s electric cars by 2025 to 2027, Foxconn chairman Liu Young-way said in October 2020.

He has vowed to lower manufacturing and other costs with its assembling know-how as the world’s largest contract electronics manufacturer.


Meanwhile, Foxconn has been battling to control outbreaks of Covid-19 at its factories and affiliates. Production at Foxsemicon, a semiconductor equipment maker affiliated with Foxconn, has been disrupted.

The spread of Covid-19 into Taiwan’s electronics factories is threatening to delay semiconductor shipments, according to companies and analysts, raising the prospect of renewed disruption to an industry gripped by a global shortage.

An outbreak among migrant workers has also hit chip packager Greatek and telecoms gear producer Accton.

Taiwan continues to report triple-digit totals of daily new Covid-19 cases. On Tuesday, the Central Epidemic Command Centre  announced 135 new confirmed cases of Covid-19, all but three locally transmitted.

The country has recorded more than 11,000 cases and 260 deaths since the start of the pandemic.

With reporting by Reuters


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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.


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