Taipei: Shares of Foxtron Vehicle Technologies, a unit of iPhone supplier Foxconn , fell as much as 9% in their market debut on Monday, hurt concerns over potential headwinds in the highly competitive electric vehicle market.
In addition to inflation and high interest rates which have raised the cost of buying a car, EV makers are also grappling with supply-chain bottlenecks and pricing pressure from the likes of Tesla, which led EV price cuts this year.
Tesla CEO Elon Musk last month raised concerns about expanding factory capacity until interest rates ease, echoing similar notes of caution from General Motors and Ford.
