Taiwan's Foxconn recently announced that it ah signed a MoU (Memorandum of Understanding) with chipmaker NXP Semiconductor, with an aim to jointly tap the increasing demand for EVs (Electric Vehicles) while reducing costs, the Reuters reported on July 20. Pursuant to the agreement, NXP will provide its S32 series of processors, analog-front-end, drivers, networking, and power products to integrate with Foxconn's EV platform while joining Foxconn's MIH Open EV Alliance. On top of that, they will develop new total solution platforms for EVs using NXP's processors, including EEA (Electrical/Electronic Architecture) and automotive cybersecurity platforms. Initially, they plan to collaborate in the development of over 10 automotive products, including chassis, powertrains, in-vehicle infotainment systems, and cybersecurity systems. Foxconn is set to launch its Foxtron Model C EV using NXP's solutions in the second half of 2022 while boasting to provide automotive components and services to 10% of the world's EVs by 2025-2027. 

Sales of global EVs will grow from 11 million units in 2020 to 145 million-230 million units by 2030 and the CAGR (Compound Annual Growth Rate) over the period 2020-2030 is estimated at 30%, according to MIC according to MIC (Market Intelligence & Consulting Institute). 

Established in 1987, MIC is a division of III (Institute for Information Industry), a major government think tank, and one of the leading IT research institutes in Taiwan.