Foxtron's Market Debut Sees Shares Fall 9%

Despite financial losses and industry challenges, the Foxconn unit plans expansion into North America and Southeast Asia.

Shares of Foxtron Vehicle Technologies, a unit of Foxconn, fell as much as 9% in their market debut on Monday.
The company has been grappling with inflation, high interest rates, supply-chain bottlenecks, and pricing pressure from major players like Tesla.
Foxtron has reported losses in 2021 and 2022, and analysts do not expect a turnaround in the next two years.
Despite the challenges, Foxtron plans to leverage its design and service momentum in the EV market, as well as Foxconn's business models, to expand into North America and Southeast Asia.
The company raised T$7.5 billion ($235 million) in its initial public offering.