Foxconn’s FIT to build Saudi EV charger factory by 2026

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Foxconn Interconnect Technology’s 6088.HK Saudi Arabian joint venture will start building its first manufacturing base in the Middle East in December, which will make electric vehicle chargers, the company said on Wednesday.

The new factory is expected to begin production in 2026, FIT chairman Sidney Lu said at an event in Taipei.

FIT, a unit of Taiwan’s Foxconn that makes components used for connectivity and in servers, launched the joint venture called Smart Mobility in May with Saleh Suleiman Alrajhi and Sons.

“One of our targets as a country in Saudi Arabia (is that) by 2030, 30 per cent of the cars have to be electrified,” said Smart Mobility’s CEO Prince Fahad bin Nawaf Al Saud of Saudi Arabia.

FIT expanded into EV connectivity and charging through its acquisitions of Germany’s Prettl SWH group, renamed FIT Voltaira, in 2023 and Auto-Kabel Group in 2024.

Lu said the company’s revenue from the auto mobility segment is expected to reach $700m this year.