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Yulon Group released an official announcement, stating that it has finalized the sale of its core electric vehicle (EV) business, Luxgen Motor, to Hon Hai Precision Industry Co., Ltd. (commonly referred to as Foxconn Technology Group) for its advanced technological capabilities. The total transaction amount is set at NT$787.6 million, which roughly converts to RMB 176 million. Hon Hai Precision Industry Co., Ltd., with its advanced technological edge, is a joint venture that was established by Foxconn and Yulon back in 2020. Foxconn's long-held "dream of venturing into the automotive industry" has seen its fair share of ups and downs. However, this acquisition of Luxgen could potentially mark a significant turning point in Foxconn's automotive ambitions.
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