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Foxconn electric vehicle alliance plans boxy three-seater
Foxconn-led electric vehicle consortium MIH announced plans on Tuesday for its first car, a boxy single row three-seater which it hopes will be popular with one-child families in Asia. Taiwan's Foxconn, the world's largest contract electronics manufacturer, has ramped up investment in EVs and semiconductors in recent years, announcing deals with U.S. startup Fisker Inc and Indian conglomerate Vedanta Ltd. Betting on strong demand in Asian markets for smaller electric cars, MIH Consortium plans to build its first car, which it calls Project X, in 2023 and start mass production the following year, though no customers have been confirmed, the company said. "We need to do something differently to disrupt the industry," Jack Cheng, chief executive of MIH, said at an event in Taipei to unveil the EV which will be custom built for the purchaser. I can put (a module) on and take it off easily," Cheng said. The three-seater will cost less than $20,000, he said. "The more cars we make, the more they will earn," Cheng said. Source: CNA #Foxconn
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