Apple Inc. AAPL supplier Foxconn HNHPF wants to build cars for Elon Musk’s Tesla Inc. TSLA.
What Happened: Foxconn Chairman Liu Young Way said on Tuesday that his company hopes to make cars for Tesla one day as it ramps up EV manufacturing in a strategy to diversify its business. He was speaking at the company's annual Tech Day.
"Based on our past records for the PC and cellphone markets ... we're at about 40-45% of the overall market share. So, ambitions-wise, hopefully we are able to achieve the same kind of achievement like in the ICT (information and communications technology) industry, but we will start small, which is about 5% in 2025," Liu said, according to Reuters.
"I hope one day we can do Tesla cars for Tesla."
Earlier this year, Liu had said that Foxconn was aiming to become the first EV maker that is “not short on material supplies.”
Tesla did not immediately respond to Benzinga's request for comment.
This comes after Musk’s recent suggestion to solve the cross-straits tensions with China by creating a “special administrative zone” on the island claimed by Beijing angered many in Taiwan. Taipei’s de-facto ambassador Hsiao Bi-Khim came down heavily on Musk and said, “Taiwan sells many products, but our freedom and democracy are not for sale.”
Following his comments, Taiwan’s Minister of Board of Military Operations Chiu Kuo Cheng said the army would not buy any more Tesla cars.
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