Foxconn Interconnect Technology’s joint venture in Saudi Arabia will commence the construction of its inaugural manufacturing facility in the Middle East this December, focused on producing electric vehicle chargers, as announced by the company on Wednesday.
According to FIT chairman Sidney Lu, the new plant is slated to begin operations by 2026 during an event held in Taipei.
FIT, a subsidiary of Taiwan’s Foxconn specializing in connectivity components and server-related products, initiated the Smart Mobility joint venture with Saleh Suleiman Alrajhi and Sons in May.
Saudi Arabia’s Smart Mobility CEO, Prince Fahad bin Nawaf Al Saud, stated, “One of our goals for the Kingdom is to ensure that by 2030, 30 percent of vehicles will be electrified.”
FIT has ventured into the electric vehicle connectivity and charging market by acquiring Germany’s Prettl SWH Group, which has since been rebranded as FIT Voltaira in 2023, and the Auto-Kabel Group in 2024.
Lu projected that the company’s revenue from the automotive mobility sector is anticipated to reach $700 million in the current year.