TAIPEI (Taiwan News) — Foxtron Vehicle Technologies, a joint venture of Foxconn and Yulon Motor, has agreed to acquire full control of the automaker Luxgen (納智捷) for NT$787.6 million (US$24.95 million), a move that bolsters Foxconn's push into electric vehicles at home.
The deal is expected to close in the first quarter of next year pending approval from Taiwan's Fair Trade Commission. Foxtron, formed in 2020, will take over Luxgen's operations, including five sales subsidiaries, 22 showrooms, 25 service centers and roughly 600 employees.
Foxconn, the world's largest contract electronics manufacturer, sees EVs as a key growth area despite recent market challenges in Taiwan, Reuters reported. The acquisition gives Foxtron an established domestic brand and sales network, complementing its contract design and manufacturing services model for other automakers.
“By leveraging Luxgen's existing distribution channels and service network, Foxtron aims to enhance the end-to-end consumer experience, from front-end products to after-sales services,” Foxtron CEO Adam Chen (陳俊霖) commented.
Foxtron designed Luxgen's n7 electric SUV, launched in 2024, which initially racked up 25,000 preorders and outsold Tesla monthly before demand slumped. Last month, Luxgen sold 254 n7 units in Taiwan, with 3,041 for the year's first 11 months amid a broader EV market drop, per industry news portal Just Auto.
Luxgen, founded in 2009 by Yulon, has sunk over NT$100 billion into development but faced persistent losses. Foxtron itself has reported accumulated losses of NT$3.4 billion.
Foxtron Spokesperson Gino Wang (王國棟) was quoted as saying the full transfer would be completed after regulatory approval.
Beyond Taiwan, Foxtron partners with Stellantis, Nvidia and Uber on Level 4 autonomous vehicles and plans EV supply to Mitsubishi for Oceania in 2026. The company eyes US sales of models like the Foxtron Model C, leveraging Lordstown's former Ohio plant.
