Employees at a Foxconn facility in Shenzhen, China.
Ambitious in his approach, Liu said that he aims to capture up to 10 percent of the market share in the electric-vehicle industry by 2025, or US$130 billion, as well as the digital health and robotics industries, through investments of about NT$10 billion per year over the next two to three years. The company has tried to invest in a number of electric-vehicle ventures, but none has borne fruit.
Taiwan's Hon Hai, the parent company of Foxconn, plan to set up a joint venture with Fiat Chrysler to manufacture electric vehicles and to engage in the business of wirelessly connected vehicles, Hon Hai said on Thursday.
It "would enable the parties to bring together the capabilities of two established global leaders across the spectrum of automobile design, engineering and manufacturing and mobile software technology to focus on the growing battery electric vehicle market", FCA said.
Hon Hai, the primary listed vehicle for Terry Gou's Foxconn Technology Group, is looking to diversify from its role as the assembler of a swath of the world's electronics from Macbooks to Sony Playstations.
The discussions focused on reaching a binding agreement "in the coming months", the company said.
However, it added there was no assurance that final binding agreements would be reached or would be completed in that timeframe.
Daimler AG's Mercedes Benz has electric vehicle joint ventures with both BYD Auto, one of the biggest global makers of battery-powered vehicles, and rival Geely Holding, which is best known overseas as the owner of Sweden's Volvo Cars.
Foxconn has been investing in a variety of future mobility ventures for several years, including Didi Chuxing, the Chinese ride-hailing equivalent of Uber, and Chinese electric vehicle startups Xpeng and Byton. -Italian automaker said Friday.
The Italian-American vehicle giant features brands ranging from Ferrari to Jeep, and is now in the process of merging with France's PSA, the manufacturer of Peugeot, Citroën and Opel.
The Chinese government has a credit-based system that encourages auto manufacturers to sell electric vehicles, leading to an increase in brands.
Although vehicle sales in India are also stuttering, the market is expected to become the world's third biggest by 2026, behind China and the United States, according to consultancy LMC Automotive.