TAIPEI: According to Taiwanese Foxconn, a subsidiary has invested T $ 995.2 million (US $ 36 million) in Gigasolar Materials Corp to develop battery materials for electric vehicles (EV).
Foxconn, Apple’s premier iPhone maker, said the investment through a private placement by a Taiwan-based subsidiary will make the company the second largest shareholder in Gigasolar, known for manufacturing solar cell materials.
The two companies will jointly develop materials for electric cars, Foxconn said in a statement on Tuesday.
Foxconn has identified electric vehicles as a major new business and has closed several deals with companies including Italian automaker Stellantis and Thai state-owned energy company PTT.
The Taiwanese company aims to provide 10% of the world’s electric cars with components or services by 2025 to 2027, Foxconn chairman Liu Young-way said in October, promising its assembly expertise as the world’s largest order lower manufacturing and other costs electronics manufacturers.
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