Yulon Motor to Launch Electric Car Using Foxtron Design

  • By Lisa Wang / Journalist

Yulon Motor Co (裕隆) yesterday announced plans to introduce a new own-brand electric vehicle in 2023, designed by Foxtron Vehicle Technologies Co (鴻 華 先進) on the MIH open platform supported by the iPhone assembler Hon Hai Precision Industry Co (鴻海).

Yulon Motor would become Foxtron’s first customer.

Foxtron, a company of Yulon Motors and Hon Hai, was established with initial capital of NT $ 15.58 billion (US $ 560.63 million at the current exchange rate) in November of last year.

Photo courtesy of Hon Hai Precision Industry Co

Yulon Motor’s own-brand Luxgen Motor Co (納 智 捷 汽車) could build its new electric vehicles using Foxtron’s prototype electric vehicles, including the Model C sport utility vehicle and the Model E sedan, the vice president of Yulon Motors Lee Chien-hui (李建輝) at an online investor conference.

“In Taiwan, Luxgen will be the first to introduce electric vehicles designed by Foxtron. The project will start next year for launch in 2023. All vehicles will be made in Taiwan, ”said Lee. “The Model C will be the first introduced to the domestic market.”

Yulon Motors has made inroads in electric charging through its subsidiary YES-Energy Service Co (裕 電 能源), which this year installed 2,200 charging stations in parking lots and shopping malls, Lee said.

Yulon Motors reported that its net profit more than doubled to NT $ 3.41 billion in the first three quarters of this year, from NT $ 1.56 billion a year earlier, thanks to the implementation a major restructuring plan at Luxgen last year.

Earnings per share climbed to NT $ 3.49 in the three quarters, from NT $ 1.54 a year earlier, according to company data.

However, non-operating profit plunged 46% to NT $ 1.62 billion from NT $ 2.98 billion a year earlier, as the shortage of automotive chips affected sales of Luxgen and Yulon Nissan Motor Co vehicles (裕隆 日 產) in Taiwan and China.

It also resulted in a 1% drop in revenue in the first three quarters to NT $ 57.76 billion, from NT $ 58.55 billion a year earlier.

Yulon Nissan distributes Nissan and Infiniti vehicles in Taiwan and sells cars in China through Dongfeng Nissan Ltd (東風 日 產), its joint venture with Chinese Dongfeng Automobile Co (東風 汽車).

Yulon Motors said the opening of its real estate development project in the Sindian District (新hotel) of New Taipei City has been postponed from the end of next year to the first quarter of 2023, mainly due to the pandemic. of COVID-19.

Separately, Yulon Nissan said it was in talks with Nissan Motor Co to raise vehicle prices, after local rival Hotai Motor Co (和 泰 汽車), which distributes Toyota and Lexus vehicles in Taiwan, increased at the beginning of the month the prices of five main imported vehicles. up to 3.4 percent.

“All automakers are facing great pressure amid skyrocketing raw material and transportation costs,” said Yulon Nissan vice president Chung Wen-chuan (鐘文川).

The company saw its net profit decline 43% per year in the last quarter to NT $ 2.23 billion, from NT $ 3.82 billion a year earlier.

He expects local sales to fall about 1.6 percent to 437,000 units this year, from 444,000 units last year.

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