- NXP Semiconductors NV NXPI collaborated with Hon Hai Technology Group (Foxconn) to develop platforms for electric vehicles.
- Vital Apple Inc AAPL supplier Foxconn considered the association a “prime opportunity” boost to its ability to quickly build EV products and reduce costs, Reuters reports.
- Foxconn looks to build more than ten automotive products with NXP, and they will soon be in development, including next-generation EV platforms using NXP’s processors.
- Foxconn aims to provide components or services to 10% of the world’s EVs by 2025 to 2027, Chair Liu Young-way has said, vowing to lower manufacturing costs for carmaking with its assembly know-how as the world’s largest contract electronics manufacturer.
- Foxconn sought to acquire chip plants globally amid a worldwide chip crisis.
- Recently, it became a shareholder in embattled Chinese chip conglomerate Tsinghua Unigroup via a $798 million investment by a subsidiary.
- Global EV penetration was 13% in May, up ~150bp M/M, above the YTD ’22 pace and well ahead of the 2021 EV penetration rate.
- Every region saw M/M EV uptake improvements except for China, thanks to the Covid-19 restrictions. However, it remained the global leader.
- Tesla, Inc’s TSLA global EV share in May remained near its low point over the last three years due to the Shanghai lockdown.
- China’s strong EV uptake was due to several factors, including tech and cost-effectiveness.
- Price Action: NXPI shares traded higher by 2.92% at $175.41 on the last check Wednesday.
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