It's a promising venture that could potentially bring in billions for companies like Apple and Xiaomi, who have already announced plans to get involved.

Now, another company has thrown its hat in the ring, having already released prototypes of its EV models. As

Autoweek

reports, Foxconn is on the right track to become one of the next electric automakers.

Foxconn, a Taiwanese tech company, is one of the latest to announce plans to enter the EV market.

Besides Foxconn, other electronics companies like Apple and Xiaomi are building EVs

The tech world can be brutal as trends come and go with unprecedented speed. That's why it can be smart for companies to branch out, which is exactly what Apple, Xiaomi, and Foxconn are trying to do.

Apple plans to produce an

Apple Car

, which, rumor has it, will be completely autonomous. This is rather ambitious, but if Apple can pull it off, then it could pull ahead of more established automakers who are more focused on electrifying their lineups, let alone making them autonomous.

Xiaomi, another consumer electronic giant that designs and produces smartphones, is also ready to make the leap into the EV market. The company plans to do so over the next decade with a planned investment of $10 billion.

Let Jerry find your price in only 45 seconds

No spam · No long forms · No fees

Find insurance savings

There's new competition from Foxconn in the EV world

MORE: A Futuristic Car Technology Is Becoming More and More Common

Another tech giant has recently announced its plans to join the EV market. Foxconn, the Taiwanese company that builds Apple’s iPhones, is joining the race.

According to Autoweek, Foxconn revealed its latest ambitions by showcasing an EV sedan, SUV, and bus, which will be marketed under the brand “Foxtron.”

The vehicles are named the Model E, Model C, and Model T, respectively, and sleekly designed—collectively drawing striking resemblances to Tesla.

The Model C SUV has a highly impressive range of 435 miles and phenomenal acceleration, zipping from zero to 62 mph in just 3.8 seconds.

Arguably, the Model E midsize sedan from Foxconn is even more impressive, taking just 2.8 seconds to travel from zero to 62 mph and offering 750 hp.

The Model T bus looks like a sleeker version of the

transit buses

we know today, seating up to 40 people. It has a range of 250 miles and is the product of a partnership with another Taiwanese company (and the country’s largest automaker), Yulon Motor Group.

Will the EVs be available in the U.S.?

MORE: Lordstown Motors Executives Sold Stocks Before Troubles Came to Light

Even though Foxconn has purchased the much-talked-about

Lordstown, Ohio manufacturing plant

, it's unlikely that Foxconn vehicles will be sold in the U.S. just yet.

First, the company will focus on getting the Lordstown Endurance pickup underway.

Although you probably won’t be able to get behind the wheel of one of Foxconn’s vehicles any time soon, there are still plenty of EVs on the market if you’re looking to make the move.

While you’re at it, make sure you’ve got the right insurance for your vehicle.

Jerry

is the easiest and most effective way to find a car insurance policy that is customized for you.

A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new car insurance. Jerry will even help you cancel your old policy.

And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price. This level of service is why Jerry earned a 4.6/5 rating on the App Store and made it the top insurance app in the country.

Electric Vehicles