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Foxconn Technology Group’s new EV platform is expected to help launch vehicles later this year, a company official said, signifying major progress in the Taiwanese electronics giant’s push into the automotive space.

Two light vehicles designed using Foxconn’s platform will be unveiled in the fourth quarter, Chairman Young Liu of Foxconn’s flagship unit Hon Hai Precision Industry Co. told reporters at the company’s headquarters in suburban Taipei on Saturday. The company may also help launch an electric bus around the same time, he said.

Foxconn has been seeking to strengthen its automotive capabilities at a time when technology companies including its customer Apple Inc. are looking to expand in vehicles. Foxconn in October unveiled its first-ever EV chassis and a software platform aimed at helping automakers bring models to the market faster.

The company set up a joint venture with Chinese carmaker Zhejiang Geely Holding Group Co. last month. Liu said the venture is currently in talks with startup Faraday Future and others on cooperation on EVs. While Foxconn will see revenue from automotive ventures grow this year, Liu expects EV-related business to start making a meaningful contribution to the group’s overall sales only in 2023.

This story has been published from a wire agency feed without modifications to the text.