Foxconn announces electric car venture

The Taiwanese company that manufactures smartphones for Apple Inc. and other global brands announced plans Monday to produce electric cars for auto brands under a similar contract model.

Foxconn Technology Group will produce cars and buses for brands in China, North America, Europe and other markets, said its chairman, Young Liu. He said the clients can modify their appearance and features for their markets.

Foxconn, also known as Hon Hai Precision Industry Co., enters a crowded global market with electrics being offered by almost every established automaker and dozens of ambitious startups.

The flagship Model E sedan, developed with Italian design house Pininfarina, is due to be launched in 2023, the company said. It said the Model E will seat five and have a range of 750 kilometres on one charge.

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