Apple’s manufacturing partner Foxconn has announced its readiness to enter the fast-growing electric car market. This is reported by RB.RU.

It is also known that mass production will begin at the plant in Thailand in the first quarter of 2024. The plant will be a joint venture of National Petroleum Corporation of Thailand and Foxconn.

The amount of investment in the project will be about $1 billion. It is expected that the production capacity at the time of opening will be 50 thousand cars per year with the prospect of growth up to 150 thousand. In addition, Foxconn automobile plants may appear in Indonesia, India, Europe and America.

Foxconn has already presented three prototypes of electric car models created jointly with Yulon Motors. It is about two sedans and a bus. Foxconn also supplies components for Tesla .