On the evening of December 19th, Hon Hai Group announced that its Chinese subsidiary Foxconn New Business Development Group had invested 500 million yuan to establish Henan Foxconn New Energy Vehicle Industry Development Company, with a 100% stake.

According to the announcement, Hongfujin Precision Electronics (Zhengzhou), a subsidiary of Hon Hai Group, invested 1.2 billion yuan to increase its capital in Foxconn New Business Development Group, and then Foxconn New Business Development Group invested 500 million yuan to establish Henan Foxconn New Energy Vehicle Industry Development Company.

Hon Hai stated that the main purpose of this investment is long-term investment, with its own funds as the main source.

According to previous data, Foxconn's new business headquarters under the Hon Hai Group was unveiled on April 25th in Zhengzhou, Henan, China. Hon Hai Chairman Liu Yangwei personally attended the unveiling ceremony. Subsequently, Foxconn New Business Development Group was established in mid June this year with a registered capital of 1 billion yuan, focusing on key businesses such as artificial intelligence (AI) software, electric vehicle battery swapping facilities, energy storage technology, and intelligent robots.. The company is 100% controlled by Hongfujin Precision Electronics (Zhengzhou) Co., Ltd., a subsidiary of Zhengzhou Foxconn.