Foxconn announced a plan to invest five billion RMB (US$813.5 million; US$1=6.146 RMB) into its electric vehicle factories in Shanxi, a major energy exporter province and rich in natural resources in China, reported Taiwan's Economic Daily News on September 4. The company aims to produce low-cost electric vehicles priced at around US$15,000. Foxconn has been actively developing electric car business in recent years, starting from components, automobile displays, and batteries to whole-car assembly in the future. The company's Shanxi workforce is expected to reach 100,000 this year with annual output topping over 60 billion RMB (US$9.8 billion).