Apple’s largest supplier has entered the electric vehicle industry, fulfilling founder Terry Gou’s dream of making an “iPhone on four wheels”. In October 2021, Foxconn released three prototype vehicles—an SUV called the Model C, a sedan called the Model E, and a bus named the Model T. Chairman Yang Wei Liu clarified these were just representative of the types of vehicles that can be built on its EV platform using Foxconn’s components and software.

Foxconn has been investing in various other electric vehicle startups following its BOL model—which stands for “Build, Operate, and Localize”—investing with partners to build and operate local factories, then selling to local consumers. Foxconn has also purchased a former General Motors factory from Lordstown Motors in Ohio, and showed interest in investing in Indonesia in partnership with Gogoro. These efforts are part of Liu’s plan to diversify from phones and laptops as well as accelerate its “Out of China” manufacturing base.