The Taiwanese electronics giant Foxconn is entering the booming market for electric cars.

Foxconn presented three vehicles with electric motors at the company's headquarters on Monday: a sedan, a sporty off-road vehicle (SUV) and a bus.

Foxconn founder Terry Gou personally drove up the sedan "Model E".

Foxconn is among other things the largest supplier in the world for manufacturers of smartphones like Apple.

Foxconn founded a joint venture with the Taiwanese manufacturer Yulon Motor to produce electric cars and recently bought a car plant in the US state of Ohio from the US startup Lordstown Motors for $ 230 million.

The names are reminiscent of Tesla

The “Model C” SUV is expected to hit the market in Taiwan in early 2023 and will cost less than one million Taiwan dollars (30,000 euros).

The "Model T" bus could be used in the city of Kaohsiung in the south of the country as early as the beginning of next year if the Ministry of Transport approves it, said Vice Prime Minister Shen Jong Chin during the presentation.

The names of the vehicles are reminiscent of those of the US manufacturer Tesla: Its sedan is called “Model S”, the vehicle intended for the mass market is called “Model 3”. 

According to its own statements, Foxconn has invested around ten billion Taiwan dollars (approx. 300 million euros) in the development of electric cars in 2020 alone.

Investments would increase even further in the next two years.

Group President Young Liu said at the presentation that Foxconn had "gradually" built up a supply chain and distribution network. 

One of the youngest partners is the US electric car manufacturer Fisker;

Foxconn and Fisker announced that they will jointly develop cars, with production scheduled to begin in late 2023.

There have been reports for years that Apple wanted to develop an electric car - Foxconn would be an ideal partner for this. 

The auto industry is currently suffering from an acute shortage of semiconductors all over the world.

Taiwan is home to some of the largest and most advanced chip factories in the world.