Apple Supplier Foxconn To Enter Japanese Market With EV Buses Backed By Taiwan Subsidies
Apple Inc. (NASDAQ:AAPL) supplier Foxconn is set to enter the Japanese market with the company's bespoke EV buses, thanks to subsidies offered by the Taiwanese government.
What Happened: Purchasing and operating EVs certified by the government is eligible for receiving over $181,000 in subsidies, almost half the value of an EV bus, Nikkei Asia reported on Tuesday.
Foxconn's Model T bus is one of 6 eligible EV buses to receive the subsidies. The Model T offers a range of over 249 miles (400 kilometers) on a single charge, the report suggests.
The company plans to launch the Model T as well as the Model U microbus in Japan by 2027, supplying parts to Mitsubishi Fuso Truck and Bus Corporation, the report suggests.
Why It Matters: The news comes as Foxconn had earlier signed an MoU or Memorandum of Understanding with Japan's Mitsubishi Motors to jointly develop an EV.
Other Chinese companies are also bolstering their presence, with Chinese EV giant BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) expanding its footprint in Europe. BYD also launched the long-range version of its best-selling Seagull EV for $11,000 in China.
Elsewhere, Xiaomi Corp (OTC:XIACY) (OTC:XIACF) CEO Lei Jun also shared that the company plans to expand its presence in other markets and sell its cars internationally.
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