Foxconn, a Taiwanese electronics giant, is planning to diversify its operations by investing in a 700-acre campus in Zhengzhou to manufacture electric cars.
With Apple's recent cancellation of its electric car project, Foxconn's strategy shifts towards finding new major customers for its electric vehicle production efforts in Zhengzhou.
As iPhone sales slump in China, Foxconn aims to reduce its dependence on Apple, focusing on manufacturing vehicles for other companies.
Kirk Yang pointed out that for Foxconn to succeed in the electric vehicle market, a breakthrough is necessary, which hinges on securing a major customer.
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