Foxconn, the major assembler of Apple products, has begun construction of a global headquarters for its New Business Development Group in Zhengzhou, China.
The facility will focus on areas such as electric vehicles (EVs), energy storage, and emerging industries.
The company plans to spend 1 billion yuan to build the headquarters, which will span 70,000 square meters.
Foxconn aims to become a significant player in the EV industry, regionalizing production and capturing about 5% of the global EV market.