Posted 11/20/2023, 4:45:00 AM
Foxconn EV Unit Shares Drop 9% on Debut Amid Competitive Market Concerns
- Shares of Foxconn's EV unit, Foxtron Vehicle Technologies, fell 9% in market debut amid concerns over competitive EV market
- High inflation, interest rates, supply chain issues, and pricing pressure from Tesla hurting EV makers
- Tesla CEO Elon Musk raised concerns about expanding factory capacity until rates ease
- Foxtron has lost money in 2021 and 2022 and not expected to turn profitable in next 2 years
- Foxtron chairman Young Liu said company has strategy for growth in Taiwan, North America, and Southeast Asia