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The MIH Open Platform from Foxconn will further be relevant for a future upgrade of any auto part, offering what is described as a ‘Modular’ uniqueness.
Taiwanese-based technological giant Foxconn Technology Co Ltd (TPE: 2354) is set to diversify its business interests into EV cars by launching what it called the MIH Open Platform. As reported by CNBC, Foxconn which is renowned for coupling most of Apple Inc (NASDAQ: AAPL) iPhones is set to stake its feet in the lucrative EV industry that is projected to be worth about $800 billion come 2027.
The MIH Open Platform from Foxconn will seek to make the company the Android of EV cars as auto production companies can use the platform to design a custom made electric car which will then be produced by Foxconn. The proposition is the first of its kind and the plan appears highly ambitious for Foxconn who has next to no experience in the EV space.
Drawing from Android’s software model which allows any phone manufacturer to tap into the operating system’s uniquely designed features to enhance the user’s experience, Foxconn aims to have its MIH Open platform accessible to any intending automobile company that wants to partner with it in designing and producing an EV car.
The proposed platform will further be relevant for a future upgrade of any auto part it might have been used to design, offering it what is described as a ‘Modular’ uniqueness. In addition to the company’s plans for an easy and accessible EV design system, it is also considering an option to produce solid-state batteries that will replace the currently used Lithium-Ion batteries currently used in EV cars. The solid-state batteries are currently under development and are projected to give firms with the technology a massive edge as early as 2025, a year after Foxconn’s planned debut of the product.
Foxconn EV Investment Move, Weighing the Gains and Fights Ahead
The ingenuity in the proposal by Foxconn to wade into the electric vehicle industry is such that creates a clear path for the company without much competition. Already, the firm has gained trust as one of the top technology partners for brands like Taiwanese Acer Inc (TPE: 2353), U.S.-based Apple, and China-based Huawei to mention a few. Thus, securing the trust of auto brands may come much seamless as the company anticipates.
With electric cars gaining a good market share in recent times, the Foxconn move which involves serving as a production partner to auto manufacturers may not stand directly as a competitor to established car brands like Tesla Inc (NASDAQ: TSLA), Nio Inc (NYSE: NIO) and others as the firm it is partnering will bear the pains.
Nonetheless, the global demand for electric vehicles is expected to soar in the coming years as more climate change laws are enacted worldwide such that fuel consuming cars will fade away. By then, Foxconn might have established itself to tap into the huge industry that will double to churn out planet-saving EV cars.