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Foxconn invests $36 million in Gigasolar for developing EV battery material

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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. 

Author : Moulin Oza
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