Foxconn plans $800 million investment in southern Taiwan

Foxconn (2317.TW) plans to spend T$25 billion ($820 million) in new production facilities in southern Taiwan over the next three years to support its electric vehicle (EV) goals, the firm said on Sunday.

The business, officially known as Hon Hai Precision Industrial Co Ltd, said that its investments in Kaohsiung would comprise factories for manufacturing electric buses and EV batteries.

Foxconn, a key Apple Inc (AAPL.O) supplier and iPhone assembler, has lofty goals for the EV industry as it attempts to diversify its income sources.