Terry Gou, founder and chairman of Foxconn.
Visual China Group via Getty Images
Foxconn, world’s largest electronics contract manufacturer, entered its newest deal this week to co-develop electric vehicles in pursuit of a strong competitive position as the global EV market grows.
The company, founded and led by Taiwanese billionaire Terry Gou, said on Wednesday that it had signed a memorandum of understanding with Los Angeles-based electric vehicle startup Fisker Inc. The two companies will jointly develop and sell a new series of EVs. Foxconn said in a statement the two would build as many as 250,000 units to be sold in China, Europe, India and North America.
Foxconn has already agreed to work on electric cars with Fiat Chrysler and Geely, among others. Deals such as these confirm a space for Foxconn in the fast-growing, but increasingly crowded, EV space, where the company can handily use its existing assembly technology to compete, analysts…