Foxconn invests $36 million in Gigasolar for developing EV battery material
Taiwan's Foxconn has announced that its subsidiary has capitalized T$995.2 million ($36 million) in Gigasolar Materials Corp to develop electric vehicle (EV) battery materials.
Foxconn, Apple's main iPhone maker, said the investment via a private placement through a Taiwan-based subsidiary will make it the second-largest shareholder in Gigasolar, acknowledged for manufacturing solar cell materials.
The two companies will mutually develop materials for electric cars, Foxconn said in a declaration.
Foxconn has recognized electric vehicles as a key new business and has carried out numerous deals with companies, comprising Italian carmaker Stellantis and Thailand's state-run energy group PTT.
The Taiwanese company aims to provide components or services to 10 percent of the world's electric cars by 2025 to 2027, Foxconn chairman Liu Young-way said in October, promising to lower manufacturing and other costs with its assembling proficiency as the world's largest contract electronics manufacturer.
