Taiwan’s Foxconn said a subsidiary has invested 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, known for manufacturing solar cell materials.
The two companies will jointly develop materials for electric cars, Foxconn said in a statement on Tuesday.
Foxconn has identified electric vehicles as a key new business and has struck several deals with companies, including Italian carmaker Stellantis and Thailand’s state-run energy group PTT.
The Taiwanese company aims to provide components or services to 10% of the world’s electric cars by 2025 to 2027, Foxconn chairman Liu Young-way said in October, vowing to lower manufacturing and other costs with its assembling know-how as the world’s largest contract electronics manufacturer.