TAIPEI (Taiwan News) — Taiwan electronics giant Foxconn Technology and local carmaker Yulon Group said Friday (Oct. 16) their joint efforts to manufacture electric vehicles (EVs) will likely yield substantial results in two years.

During its Technology Day event held at Syntrend Creative Park in Taipei, the Taiwanese supplier to Apple revealed its new technology platform aims to help EV makers lower costs and speed up production. The company said the platform allows it to share software and hardware designs with developers more efficiently, including solid-state batteries and data management tools.

Foxconn Chairman Liu Young-way (劉揚偉) said the company and its partner Yulon seek to supply components and services for 10 percent of the world’s electric cars by 2025 or 2027. He added the first EV product is expected to arrive in two years and that Foxconn has discussed working with other automobile manufacturers as well.

Liu noted that Foxconn is planning to launch its first solid-state battery for EVs in 2024, which is an upgraded version of current batteries. Using key technologies and materials, he said the company has managed to cut the weight of batteries in half, according to CNA.

Meanwhile, Yulon Chairwoman Lilian Chen (嚴陳莉蓮) said she was excited to be collaborating with Foxconn in EV development. She said the automaker is transitioning and will adopt a more innovative business model to stay competitive in the global market, reported Cnyes.

Foxconn holds Technology Day event at Taipei's Syntrend Creative Park. (CNA photo)