Foxconn’s subsidiary, Mobility in Harmony (MIH), is currently evaluating India and Thailand as potential locations to manufacture a compact battery-powered car with a price tag below US$20,000.
MIH CEO Jack Cheng revealed in an exclusive interview with Reuters that they are in discussions with undisclosed companies to collaborate on this three-seat EV project.
The car is expected to have a price range between US$10,000 to US$20,000. Cheng sees India as a significant market for MIH’s long-term growth, citing the country as an emerging power in the EV sector.
Foxconn established the MIH consortium to create an open platform for EVs, aiming for it to become an industry equivalent to Google’s Android operating system.
Although MIH hasn’t seen success yet, they anticipate returns with their new EV lineup called Project X. The strategy involves utilizing low-cost, shared platforms to cater to corporate fleet operators’ custom-made EV needs.
Cheng expressed openness to building another facility similar to their Shanghai plant in India, with the objective of contributing to Foxconn’s goal of gaining a 5% share of the global EV market by 2025.