On May 10, Foxconn recently announced that it will invest another US$37.5 million (about 251 million yuan) through its subsidiary to participate in the capital increase of Foxconn EV Technology Inc., an important overseas electric vehicle subsidiary, to enhance the electric vehicle manufacturing capacity in the United States.

　　In October 2021, Foxconn announced at the Hon Hai Technology Day that Foxconn's parent company, Hon Hai Technology Group, officially released three new models, namely the Model C SUV, the Model E sedan and the Model T electric bus. The three vehicles were built by Honghua Advanced, a joint venture between Hon Hai Group and Yulon Motors.

　　In fact, Foxconn began to build cars as early as 2005. It acquired 100% equity of Taiwan Antai Electric Industry for 370 million yuan, started the technology and manufacturing research and development of automotive lithium battery power systems, and entered the automotive-related fields. In 2013, Foxconn became a supplier to BMW, Tesla, Mercedes-Benz and other car companies. In 2016, Foxconn invested in Didi and officially entered the online car-hailing industry. In 2017, it invested in CATL, and in 2021 Foxconn and Geely signed a strategic cooperation agreement , the two sides established a joint venture company.

　　Foxconn Chairman Liu Yangwei once said at the press conference that by 2025, pure electric vehicles will account for 5% of Hon Hai Group's revenue, and the business scale target is 30 billion yuan, of which 40% of the spare parts are made by Hon Hai Group.

　　In addition, it was reported on May 3 that Apple is likely to entrust Hon Hai to be responsible for the assembly and production of automobiles.