Foxconn's electric car unit falls in market debut
STORY: Foxconn's electric vehicle technology unit - dubbed Foxtron - made a stuttering start on its market debut on Monday (November 20).
Unfortunately for the Taiwan-based company, investors showed their concerns about the EV market.
Foxtron shares were off as much as 9% at one point, though they rallied to end 2.7% down.
One analyst warned the EV market has been flooded by price cuts from major players like Tesla.
Electric car makers are also dealing with a wide range of headwinds.
Inflation and higher interest rates have made such vehicles more expensive to buy.
While supply-chain bottlenecks and pricing pressures persist.
Foxtron is a joint venture between Foxconn and local car maker Yulon, whose Luxgen brand is so far its only client.
But Foxtron chair Young Liu said the company has a clear strategy for growth.
And he said the firm has ambitions to move into North American and Southeast Asian mainstream markets.
The company raised $235 million in its initial public offering.