Foxconn plans $800 million investment in southern Taiwan

TAIPEI (Reuters) – Foxconn is planning to invest T$25 billion ($820 million) in the next three years in new manufacturing facilities in southern Taiwan to support its electric vehicle (EV) ambitions, the company said on Sunday.

The company, formally called Hon Hai Precision Industry Co Ltd, said the investments in Kaohsiung will include plants for making electric buses and batteries for EVs.

Foxconn, a major Apple Inc (NASDAQ:) supplier and iPhone assembler, has big ambitions in the EV market as it seeks to diversify its revenue base.

($1 = 30.3930 Taiwan dollars)