The company has been actively approaching traditional and emerging automakers to attract them to its electric car contract manufacturing business.

It has also acquired the former General Motors plant in Lordstown, Ohio, and hired a former Nissan executive, Jun Seki, to oversee the expansion of its EV business.

Foxconn plans to focus on batteries for electric vehicles in Ohio, while in Wisconsin, it intends to manufacture batteries for energy storage systems.

The company has also expanded its production of e-car components in Mexico and plans to invest $820 million in new production facilities in southern Taiwan over the next three years.

The plant in Kaohsiung will include equipment for manufacturing electric buses and batteries for electric vehicles.

Foxconn is keen to replicate its leading global role in the contract manufacturing of consumer electronics in the booming electric car industry.

To achieve this, the company has presented its e-car platform and several vehicle models and has founded joint ventures for vehicle production, including the e-car brand Ceer, in collaboration with the Saudi Arabian sovereign wealth fund.

Additionally, Foxconn plans to partner with US startup Fisker and Indian conglomerate Vedanta.