October 20, 2022: -Foxconn, the biggest assembler of Apple’s iPhones, wants to one day build cars for Tesla, the company’s CEO added, as it pushes further into electric vehicle manufacturing.

On Tuesday, Hon Hai Technology Group, Foxconn’s official name, launches two electric vehicle prototypes the Model V pickup truck and Model B sports crossover hatchback.

But Foxconn does not want to sell its own-brand cars. Instead, it wants to design and manufacture vehicles for different automakers. The company claims that it can half the design time of a car and decrease the development cost by a third for an automaker willing to use its services.

On Tuesday, the Taiwanese company has big ambitions. Young Liu, the CEO and chairman of Foxconn, said that the company is targeting a 5% market share of an electric vehicle to make by 2025. He is hoping Tesla will be a customer.

“I hope one day we can be doing Tesla cars for Tesla,” Liu stated. Tesla manufactures its cars at its factories around the world in its U.S. locations and Berlin and Shanghai.

Over the previous two years, Foxconn has ramped up its electric vehicle business.

The Model T electric bus is part of Taiwan’s public transportation system. The Model C is a display vehicle branded as the Luxgen n7 by Taiwanese automaker Yulon Motor.

 In the previous year, the company unveiled three prototype cars. Two of those are present on the roads.  Liu said he is willing for Foxconn’s customers to sell “a lot of EVs.”

Foxconn has built its consumer electronics manufacturing and assembly business over the last few decades. But the company is now trying to diversify into recent areas, with electric cars a key focus.

The five concept cars experience that Foxconn “can design and build good-looking EVs and stand up to safety,” Liu said.