Asian Tech Press (Feb 10) -- Taiwan-based foundry giant Foxconn said Thursday it expects to launch two new electric vehicles (EVs) in October, continuing the globalization of its business layout.

Hon Hai Precision Industry Co., Ltd., trading as Foxconn Technology Group, held on Thursday a New Year kick-off ceremony for 2022, hosted by Hon Hai Chairman Young Liu. In the post-meeting interview, Liu revealed the progress of the electric vehicle business in Indonesia, Thailand and the United States.

Liu said that Hon Hai previously signed a memorandum of cooperation (MoC) with Indonesian companies in the electric vehicle sector in late January and is expected to sign a contract in March.

As for the approximately $8 billion investment to build battery and electric vehicle industry chain in Indonesia, as stated by the country's investment minister Bahlil Lahadalia on Wednesday, Liu clarified that the amount includes five companies, of which Hon Hai's investment is part.

He further revealed that the company will unveil two new electric vehicles at this year's Foxconn Technology Day event.

In addition, the Endurance electric pickup truck, jointly developed by the company and electric vehicle startup Lordstown Motors Corp. in the U.S., will be in mass production in the third quarter of this year at the earliest.

Construction of the electric vehicle production line in Thailand is expected to begin this year and is scheduled to be completed in one and a half to two years, with mass production in the first half of 2024 at the earliest.