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EV Tech OEM Indigo Technologies Closes Strategic Investment From Foxconn To Accelerate Its Smart EVs Solutions for Sustainable Ride Hail, Delivery & More

March 25, 2024 at 09:00 EDT

Foxconn’s Investment helps Indigo accelerate its breakthrough Smart EVs with superior user experiences and sustainable unit economics for fleets, businesses and transportation companies

Boston, MA –(PR NEWSWIRE)– March 25, 2024 — Indigo Technologies, a robotics focused Smart EV OEM with breakthrough road sensing SmartWheels™ invented by team out of MIT, today announced it has received a strategic investment from Hon Hai Technology Group (Foxconn). The investment, which recently gained regulatory approval after being first announced late last year, accelerates Indigo, the US automotive tech innovator in its development of smart, smooth and efficient light utility EVs designed for sustainable ride hail, delivery and autonomous transportation services.

Indigo EVs will help transportation network companies (TNC) and delivery network companies (DNC), fleet management companies (FMC) and the millions of businesses, taxi drivers and gig economy work force to become more profitable while driving to a more sustainable future.

“Our cities, citizens and businesses need affordable and desirable EVs that improve safety, utility and comfort,” says Will Graylin, CEO of Indigo. “We are thrilled to be partnering with Foxconn on the mission to create technology for smart living and deliver the next generation of lighter, more cost effective EVs for sustainable mobility at scale. Foxconn’s Chief Strategy Officer for Electric Vehicles Mr. Jun Seki, who was former CEO of Nidec and COO of Nissan, joins Indigo’s Board of Directors adding further innovation depth and global supply chain connections as we launch vehicles in 2025”.

According to Foxconn, this will support the vision to turn an MIT invention into a global innovation with commercial adoption.  Partnered with the largest TNCs, DNCs and FMCs, Indigo’s EV software and hardware solutions with TaaS Transport-as-a-Service package will include fleet transport operations and manage autonomous fleet mobility on public roads.

Indigo invented the world’s only road sensing SmartWheels™, robotics hardware and software that fully integrates drivetrain and suspension as a tech package, to enable a whole new vehicle architecture, making lighter, more efficient EVs feel incredibly smooth and stable, yet more roomy and affordable. Indigo first SmartWheels™ powered EVs, the FLOW, will have more usable cabin space, a lower flat floor, a smoother ride experience and better unit economics than any vehicle of its class. The FLOW will have 180 cubic feet of space, approximately 200 miles of range, priced near $37K and is expected to hit the roads of America late 2026.

Indigo will also deliver a smaller Smart EV called the DASH with the latest telematics and sensors connected to its cloud software to help fleets lower risks and total-cost-of-ownership while improving service experiences. The DASH will have 90 cubic feet of space, 140 miles of range, priced near $27K and will be in trial 2H 2024, with volume delivery early 2025. 

About Foxconn

Established in 1974 in Taiwan, Hon Hai Technology Group (“Foxconn”) (TWSE:2317) is the world’s largest electronics manufacturer and leading technological solutions provider, ranking in the top 30 among the Fortune Global 500. In 2023, revenue totaled TWD6.162 trillion (approx. USD198 billion or EUR183 billion). The Group’s market share in electronics manufacturing services (EMS) exceeds 40% and covers four major product segments: smart consumer electronics; cloud and networking; computing; and components and others. The Group operates 205 campuses across 24 countries and is one of the world’s largest employers with over a million employees during peak manufacturing season. The Group has expanded its capabilities into the development of electric vehicles, digital health, and robotics, and three key technologies – next-generation communications technology, AI, and semiconductors – which are key to driving its long-term growth strategy. It is dedicated to championing environmental sustainability in the manufacturing process and serving as a best-practices model for global enterprises. To learn more, visit www.honhai.com  

About Indigo Tech

Indigo is the only Smart EV OEM with patented road sensing robotic SmartWheels™ EVs with roomier, smoother and safer rides for people and fleets at a price they can afford. We are building a whole new class of ultra-efficient EVs designed from the wheels up focused on user experience and unit economics. Indigo Smart EVs are designed first for ride hail and delivery applications, and will expand later towards consumer Smart EVs with possibilities to license its technology to other OEMs.  Indigo SmartWheels™ powered EVs will have the largest interior space, smoothest and best ride quality, and lowest cost-per-mile of any vehicle in its class. Indigo is working with fleets, TNCs, DNCs and Transportation-as-a-Service (TaaS) companies, to proliferate sustainable, desirable and affordable transportation for all. www.indigotech.com

Media Contact- pr@indigotech.com 

Investor Contact- ir@indigotech.com 

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