Apple may not have ever made the Apple Car that many consumers anticipated and thought could be a key player in the electric vehicle market. Instead, the company that helps build Apple products, such as the iPhone, is launching several electric vehicles globally to disrupt the market.
Foxconn Vs. Tesla
Foxconn recently unveiled the Cavira, its latest electric vehicle under the Foxtron joint venture with Yulon Group.
According to InsideEVs, the electric SUV crossover will rival Tesla Inc.’s (NASDAQ:TSLA) Model Y in size and specs.
The vehicle is slightly longer than the Model Y and comes with more interior room, a potential win for consumers and legroom inside the vehicle.
Foxconn's new vehicle has an estimated range of 359 miles, which would be better than the Model Y Standard Rear-Wheel Drive’s 321 miles.
A starting price of around $40,000 also aligns with the $39,990 starting price of the Model Y Standard Rear-Wheel Drive.
The new vehicle will go on sale in Foxconn's home market of Taiwan first, with plans to expand to other territories after.
Tackling The US Market?
There have been many electric vehicles labeled by media outlets as Tesla killers or disruptors. Many have failed, but some international vehicles, such as those from BYD Co (OTC:BYDDY), have hurt Tesla’s market share in international markets.
Foxconn is one of the world’s largest brands and the largest contract electronics manufacturer. Best known for making the iPhone for Apple, Foxconn has diversified into other areas such as artificial intelligence and electric vehicles.
Foxconn currently has no plans to manufacture the Cavira in the United States, but it may make a factory available if it changes its mind. The company sold the Lordstown factory in Ohio, which General Motors and then Lordstown Motors previously occupied. Crescent Dune LLC now owns the factory, but Foxconn could still participate in manufacturing products at the facility.
Foxconn has expressed interest in selling vehicles to U.S. consumers in the future, either as exports from Taiwan or as vehicles produced directly in the U.S. Tariffs have made it nearly impossible for EV companies to bring models to the United States in a cost-effective manner.
The Taiwan company has also explored partnering with other automotive brands, a move that could lead to future Foxconn vehicles being released in the U.S.
Right now, Tesla will only have to worry about the Cavira in international markets, but someday it could face competition from the company that helped build the iPhone.
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