Smartphone manufacturer Foxconn plans to bring two EV models to the US
Remember Foxconn? It’s been years since we’ve spoken the name, so it was a big surprise that the automotive division of the behemoth electronics manufacturer would be one of the first Chinese (technically Taiwanese) brands to come to the States. A Foxconn executive recently detailed a full offensive of new BEV models in the works, two of which will hit the US market and one as early as late 2025.
We last covered Foxconn in 2023 as the electronics specialist and automotive contract manufacturer was caught in a tiff with its client Lordstown, which inevitably led to the demise of the short-lived electric pickup startup.
As you may recall, Foxconn acquired the Lordstown production facility in Ohio to build vehicles for other OEMs but had a rough go of it. In addition to failed production runs with Lordstown Motors, Foxconn was also tapped for US manufacturing of Fisker’s second BEV model, the PEAR. We know how that saga ended.
Last we heard, Foxconn was assembling all-electric tractors in Ohio for Monarch, but that was over two years ago. With the way this industry moves, two years without any news is enough to get lost in the EV ether. The Foxconn name has reemerged in recent months as the world’s largest electronics manufacturer has been tied to Nissan, Honda, and Mitsubishi (possibly all three) as a potential partner to help build software-defined vehicles (SDVs).
In a recent chat with the media, one of Foxconn’s top executives avoided discussing an alliance with Japanese automakers aside from continued interest in a possible joint venture but did divulge plans for six battery electric vehicles to be built in Taiwan and shipped around the globe, two of which will reach US consumers.
Foxconn plans two BEVs that will eventually be built in US
As reported by Auto News Europe, we learned some interesting plans about Foxconn’s global EV expansion, which includes two models in the US, following an April 9 press conference in which Jun Seki touted the Taiwanese company’s potential as a BEV contract manufacturer.
During the presentation, Seki outlined Foxconn’s plans for six all-electric models and buses, proclaiming that the company has the necessary toolbox to design and assemble a full range of EVs. Per Seki, those models will initially be built in Taiwan and shipped worldwide, but Foxconn has the capacity for localized production in different regions, including the US.
Of those six Foxconn models donning the company’s “Foxtron” badge, two are expected to hit the US: The Model D multi-purpose vehicle (MPV), designed by Pininfarina, and the Foxtron Model C crossover, which has been in production for the Taiwanese market since late 2023 as the Luxgen N7.
Foxconn’s Model C will hit the US first and will be available for customers to test by late 2025, per Seki. The Model D is expected to reach US consumers sometime in 2027. While these models will initially be built overseas and shipped over, Foxconn’s top executive shared both models are expected to eventually be built on US sold, assumedly at the Lordstown facility, although that has not been confirmed.
Foxconn also has plans for several non-US BEVs, including a Model B compact crossover, Model E sedan, Model A compact van, and a Model T large bus, and Model U minibus.
Foxconn’s plans to bring EVs to the US come at an interesting time, considering a growing trade war between the US and China amid rising tariffs from both sides. Those ongoing tensions will undoubtedly play a role in Foxconn’s decision whether or not to try and import the Model C and Model D into the US, or could expedite its eventual plans to build them in North America.
This will undoubtedly be a story to watch as we move deeper into 2025. Perhaps we will see the Model C pop up at US showrooms; perhaps not!
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CANNES — Ten years ago, Vitalik Buterin and a small band of developers huddled in a drafty Berlin loft strung with dangling lightbulbs, laptops balanced on mismatched chairs and chipped tables. They weren’t corporate titans or venture-backed founders — just idealists working long nights to push a radical idea into reality.
From that sparse office, they launched “Frontier,” Ethereum‘s first live network. It was bare-bones — no interface, no polish, nothing user-friendly. But it could mine, execute smart contracts, and let developers test decentralized applications. It was the spark that transformed Ethereum from an abstract concept into a living, breathing system.
Bitcoin had captured headlines as “digital gold,” but what they built was something else entirely: programmable money, a financial operating system where code could move funds, enforce contracts, and create businesses without banks or brokers.
One year earlier and 520 miles away in Zurich, Paul Brody got a call from IBM security: A kid was wandering the lab unattended.
“That’s not a child,” Brody told them. “That’s Vitalik. He’s a grown-up — he just looks really young.”
Paul Brody and Vitalik Buterin with IBM and Samsung executives at CES 2015, where IBM unveiled its first blockchain prototype built on Ethereum’s early code.
Paul Brody
At the time, Buterin was building the bones of Ethereum. The blockchain was still in its alpha stage, an early version of what would become a $420 billion platform rewiring Wall Street and powering decentralized finance, NFTs, and tokenized markets across the globe.
Brody, then leading a research team at IBM, remembers how quickly the idea clicked.
“One of the guys on the research team came to me and said, ‘I’ve met this really interesting guy. He’s got a really cool idea…It’s like a version of bitcoin, but we’re going to make it much faster and programmable,'” he said. “And when he said that to me, I thought, ‘That’s it. That is what I want. That is what we need.'”
With Buterin’s help, IBM built its first blockchain prototype on Ethereum’s early code, unveiling it at CES in 2015 alongside Samsung. “That was how I ended up down this path,” Brody said. “I was done with all other technology and basically made the switch to blockchain.”
Even now, as EY’s global blockchain leader, Brody remembers feeling a pang of envy. “This is a kid, and it doesn’t matter,” he said. “I was jealous of Vitalik… to be able to do that.”
He added, “I don’t think opportunities like that could have been surfaced when I was that age.”
Now, a decade later, that experiment has quietly rewired global markets.
Ethereum co-founder Vitalik Buterin delivers a keynote at ETHCC, laying out the network’s next steps — and its values test — as institutional adoption accelerates.
EthCC
“It’s very impressive, just how much the space has succeeded and grown into, beyond pretty much anyone’s expectations,” Buterin told CNBC in Cannes on the sidelines of the blockchain’s flagship event in Europe.
Buterin said the change over the past decade has been staggering. Ten years ago, he recalled, the crypto community was “just a very small space,” with only a handful of people working on bitcoin and a few other projects.
Since then, Ethereum has become “this big thing,” Buterin reflected, with major corporations now launching assets on both its base layer and layer-two networks. Parts of national economies are beginning to run on Ethereum infrastructure, a far cry from its cypherpunk origins.
But Buterin warned that mainstream adoption brings risks as well as benefits. One concern is that if too few issuers or intermediaries dominate, they could become “de facto controllers of the ecosystem.” He described a scenario where Ethereum might appear open, but, in practice, all the keys are managed by centralized providers.
“That’s the thing that we don’t want,” he said.
Prague to the Riviera
Two years earlier in Prague, CNBC met Buterin at Paralelní Polis, a sprawling industrial complex turned anarchist tech hub in the city’s Holešovice district. The building’s labyrinthine staircases and shadowed corridors felt like a physical map of the crypto world itself — part resistance movement, part experiment in reimagining power.
It was a place built on Václav Benda’s concept of a “parallel society,” where decentralized technologies offered refuge from state surveillance and control. It’s the kind of place where Buterin, a self-described nomad, found himself at home among cypherpunks and cryptographic idealists.
At the time, Buterin described crypto’s greatest utility not in speculative trading, but in helping people survive broken financial systems in emerging markets.
ETHPrague 2023 was held at Paralelní Polis in the Czech Republic.
Pavel Sinagl
“The stuff that we often find a bit basic and boring is exactly the stuff that brings lots of value,” he told CNBC at the time. “Just being able to plug into the international economy — these are things that they don’t have, and these are things that provide huge value for people there.”
Even in Prague, where coders worked to make payments fast and censorship-resistant, the technology felt like a resistance movement — privacy-preserving, anti-authoritarian, a lifeline in countries where banking collapses were common and money couldn’t be trusted.
This year, Buterin keynoted Ethereum’s flagship conference at the Palais des Festivals — the same red carpet venue that hosts movie stars each spring.
It was a fitting symbol of Ethereum’s journey: from underground hacker dens to a network that governments, banks, and brokerages are now racing to build upon.
Brody, who currently leads blockchain strategy at EY, says what matters most is how deeply Ethereum is integrating into traditional finance. “The global financial system is really nicely described as a whole network of pipes,” he said.
“What’s happening now is that Ethereum is getting plumbed into this infrastructure,” Brody continued, noting that until recently, crypto operated on entirely separate rails from traditional finance.
Now, he said, Ethereum is being wired directly into core transaction systems, setting the stage for massive financial flows — from investors to everyday savers — to migrate away from older mechanisms toward Ethereum-based platforms that can move money faster, at lower cost, and with more advanced functionality than legacy systems allow.
Becoming the plumbing of Wall Street
Stablecoins — digital dollars that live on Ethereum — power trillions in payments, tokenized assets and funds are moving on-chain, and Robinhood recently rolled out tokenized U.S. equities via Arbitrum, an Ethereum-based layer two.
Circle’s USDC — the second-largest stablecoin — still settles around 65% of its volume on Ethereum’s rails. According to CoinGecko’s latest “State of Stablecoins” report, Ethereum accounts for nearly 50% of all stablecoin activity.
Between Circle’s IPO and the stablecoin-focused GENIUS Act, now signed into law by President Donald Trump, regulators have new reason to engage with, rather than fight, this transformation.
Data from Deutsche Bank shows stablecoin transactions hit $28 trillion last year — more than Mastercard and Visa combined. The bank itself has announced plans to build a tokenization platform on zkSync, a fast, cost-efficient Ethereum layer two designed to help asset managers issue and manage tokenized funds, stablecoins, and other real-world assets while meeting regulatory and data protection requirements.
Digital asset exchanges like Coinbase and Kraken are racing to capture this crossover between traditional securities and crypto.
As part of its quarterly earnings release, Coinbase said this week it’s launching tokenized stocks and prediction markets for U.S. users in the coming months, a move that would diversify its revenue stream and bring it into more direct competition with brokerages like Robinhood and eToro.
Kraken announced plans to offer 24/7 trading of U.S. stock tokens in select overseas markets.
BlackRock‘s tokenized money market fund, BUIDL, launched on Ethereum last year, offering qualified investors on-chain access to yield with real-time redemptions settled in USDC.
Even as newer blockchains tout faster speeds and lower fees, Ethereum has proven its staying power as the trusted network for global finance. Buterin told CNBC in Cannes that there’s a misconception about what institutions actually want.
“A lot of institutions basically tell us to our faces that they value Ethereum because it’s stable and dependable, because it doesn’t go down,” he said.
He added that firms frequently ask about privacy and other long-term features — the kinds of concerns that institutions, he said, “really value.”
Institutions are choosing various layer twos to meet specific needs — Robinhood uses Arbitrum, Deutsche Bank zkSync, Coinbase and Kraken Optimism — but they all ultimately settle on Ethereum’s base layer.
“The value proposition of Ethereum is its global reach, its huge capital flows, its incredible programmability,” Brody said.
He added that the fact it isn’t the fastest blockchain or the one with the quickest settlement times “is secondary to the fact that it’s overall the most widely adopted and flexible system.”
Brody also believes history points toward consolidation. He said that in most technology standards wars, one platform ultimately dominates. In his view, Ethereum is likely to become that dominant programmability layer, while Bitcoin plays a complementary role as a risk-off, scarcity-driven asset.
Engineers, he said, “love to work on a standard… to scale on a standard,” and Ethereum has become precisely that.
Tomasz Stańczak, the newly appointed co-executive director of the Ethereum Foundation, in Cannes for Europe’s largest annual gathering for the blockchain.
MacKenzie Sigalos
Tomasz Stańczak, the newly appointed co-executive director of the Ethereum Foundation, sees the same pattern from inside the ecosystem.
“Institutions choose Ethereum over and over again for its values,” Stańczak said. “Ten years without stopping for a moment. Ten years of upgrades with a huge dedication to security and censorship resistance.”
When institutions send an order to the market, they want to be sure that it’s treated fairly, that nobody has preference, and that the transaction is executed at the time when it’s delivered. “That’s what Ethereum guarantees,” added Stańczak.
Those assurances have become more valuable as traditional finance moves on-chain.
Scaling without losing its soul
Ethereum’s path hasn’t been smooth. The network has weathered spectacular booms and busts, rivals promising faster speeds, and criticism that it’s too slow or expensive for mass adoption. Yet it has outlasted nearly all early competitors.
In 2022, Ethereum replaced its old transaction validation method, proof-of-work — where armies of computers competed to solve puzzles — with proof-of-stake, where users lock up their ether as collateral to help secure the network. The shift cut Ethereum’s energy use by more than 99% and set the stage for upgrades aimed at making apps faster and cheaper to run on its base layer.
Ethereum co-founder Vitalik Buterin in Prague, where he finds refuge with like-minded programmers looking to change the world through cryptography-powered technology.
CNBC
The next decade will test whether Ethereum can scale without compromise.
Buterin said the first priority is getting Ethereum to “the finish line” in terms of its technical goals. That means improving scalability and speed without sacrificing its core principles of decentralization and security — and ideally making those properties even stronger.
Zero-knowledge proofs, for example, could dramatically increase transaction capacity while making it possible to verify that the chain is following the rules of the protocol on something as small as a smartwatch.
There are also algorithmic changes the team already knows are needed to protect Ethereum against large-scale computing attacks. Implementing those, Buterin said, is part of the path to making Ethereum “a really valuable part of global infrastructure that helps make the internet and the economy a more free and open place.”
Buterin believes the real change won’t come with fireworks. He said it may already be unfolding years before most people recognize it.
“This type of disruption doesn’t feel like overturning the existing system,” he said. “It feels like building a new thing that just keeps growing and growing until eventually more and more people realize you don’t even have to look at the old thing if you didn’t want to.”
Brody can already see hints of that future. Wire transfers are moving on-chain, assets like stocks and real estate are being tokenized, and eventually, he said, businesses will run entire contracts — the money, the products, the terms and conditions — automatically on a single, shared infrastructure.
That shift, Brody added, won’t simply copy old financial systems onto new technology.
“One of the lessons from technology adoption is that it’s not that we replace like for like,” he said. “When new things come along, we tend to build on a new technology infrastructure. My key hypothesis is that as we build new financial products, it will be attractive to build them on blockchain rails — and we’ll try to do things on blockchain rails that we can’t do today.”
If Brody and Buterin are right, the real disruption won’t make headlines. It’ll simply become the way money moves, unseen and unstoppable.
WATCH: Robinhood hits record high as OpenAI, SpaceX go on-chain
Tesla opened its retro-futuristic “Tesla Diner” last Monday, July 21st. It’s a cool concept and the realization of a plan that was first talked about in 2018… but in the 12 days since it opened, it hasn’t been all roses so far.
The diner has been through a few twists and turns since it was first proposed by Tesla CEO Elon Musk on a conference call in 2018. At first, the plan was to build it alongside a Supercharger location in Santa Monica, but the restaurant portion didn’t get off the ground and Tesla just build a Supercharger location there instead.
Then Tesla moved the project to Hollywood… on Santa Monica Blvd. So, kind of still Santa Monica, right? It took the place of an old Shakey’s Pizza, and has been under construction for quite some time.
The plans were to offer a diner with a Supercharger, carhop service, large drive-in movie screens and a retro-futuristic aesthetic around it all. It opened on July 21st, at 4:20pm (420 being a reference to Musk’s reported drug addictions), delivering all that, along with a merchandise shop and one of Tesla’s Optimus robots serving popcorn.
Pretty much immediately, the Diner had quite a festive atmosphere. The line to get food has reportedly consistently been an hour or more long since it was opened, which speaks to the site’s popularity – but perhaps also a failure to provide the kind of rapid service that a fast casual diner with car service might seek to offer.
Given that the site is also a Supercharger, one would expect to have a premium on fast service, so that cars don’t end up parked in spots for too long which could otherwise be used for fast charging (Tesla charges idle fees for EVs which charge for too long and clog up chargers, but we’ve heard conflicting information over whether these idle fees apply to people waiting for food at the Diner)
One remedy for these long lines, though, is Tesla’s in-car computer, which cleverly allows drivers to order food from inside their car ahead of time while navigating to the site. Tesla then knows when the driver will show up, based on in-car navigation, and theoretically can have the order ready by then – but perhaps that will become more relevant once lines die down.
In theory, it definitely does seem like a “Supercharger done right.” We’ve covered several instances of these, charging plazas that aren’t just a place to charge, but which offer other amenities that drivers might want while charging – like ROVE’s Santa Ana “full service” charger with grocery store, lounge and car wash; or Rivian’s “Outpost” locations. And we definitely want to see more of this, giving people things to do while they’re charging, which can lead to electric roadtrips feeling even better than gas ones.
But so far the Diner hasn’t been without its problems, and we’ve heard a number of them in the past 12 days.
Some of the problems Tesla Diner has seen since opening
Both during construction and now that the site is open, many of the site’s neighbors aren’t particularly happy, according to a 404 media article including several interviews. An apartment block directly beside the site has seen significant turnover and vacancies as renters were fed up with years of construction, operating 14 hours a day, and loud generators that also emitted polluting exhaust.
Residents in the article were afraid to use their full names, lest they be exposed to abuse by Tesla fans as a result – something that we at Electrek can attest to, having received similar responses after writing truthful articles about the company.
Some renters have had their windows blocked by the 40-foot-tall movie screen, and while the screen doesn’t produce sound itself (that’s piped through vehicle speakers), it does have fans on the back of it which make a constant whir – thus blocking their view and adding noise pollution.
And since the diner is open 24/7, there’s no reprieve from the hustle and bustle, which has also caused traffic backups along the small nearby streets and has forced the apartment building to reinforce its entry door.
Much of this could be blamed on the planning commission, perhaps, for allowing the project to go on as-is – assuming Tesla was upfront about the site’s uses. And some of the chaos will calm down once the novelty of the site goes down, and some noise is to be expected for those living in a relatively busy part of the LA area in the first place. One resident did say they liked the hustle and bustle, but according to the article, this resident seems to be in the minority.
Beyond the planning issues and busy nature of the site, there have been several operational issues so far.
On the very first day, Tesla’s popcorn-scooping Optimus robot failed. Tesla has touted its expertise with “real-world AI,” using its Optimus robots as an example, showing the robot’s dexterity and ability to do factory tasks. But the problem is, in most public displays of the robot so far, it has been teleoperated – that is, remote controlled by a human. Reportedly, Diner employees confirmed that the popcorn-bot was teleoperated, despite doing quite a simple and repetitive task.
The robot also has multiple tenders – videos show Diner employees handing popcorn containers to it, as it can’t separate the containers itself, and having to refill the popcorn machine and clean up any dropped popcorn. Combine those employees and the reported teleoperator for the robot, and this feels like we’re seeing a decrease in labor efficiency here, rather than an increase.
One widely-shared report showed perishable items stacked outside – but given that it was just a single photo, it seems likely that these items were mid-delivery.
More concerningly, TMZ reported that a woman was struck on the head by an awning/umbrella, and her husband claimed that she appeared confused and briefly lost consciousness afterwards. The LA Fire Department responded and the woman left the scene without an ambulance.
And of course, as is the case with anything Tesla these days, the Diner has attracted controversy. In Los Angeles – a city which is currently being occupied by nazi-like goons who are demanding that residents show their papers lest they be kidnapped and potentially shipped to a death camp – the man who last year became the largest individual global funder of the fascist regime that is now causing these illegal disappearances is not very popular. And you don’t have to go far back to remember when Musk himself said that his current actions are “not good for America or the world.”
Tesla locations in the LA area (and around the globe) have been subject to routine “Tesla Takedown” protests for months, starting after Musk did two clear nazi salutes and had spent his first few weeks in an advisory role in which he recommended that the US government haphazardly and illegally cut thousands of important jobs, increasing government chaos and ballooning the US deficit.
The protests also note Musk’s recommendation to cut USAid, an incredibly effective and relatively inexpensive international soft power program for the US, cuts of which are projected to cause millions of deaths globally (USAID is credited with saving 91 million lives from 2001-2021).
On the Diner’s first day, a lone protester showed up, a harbinger of things to come. Then, on it’s first weekend, the protest became much more significant – with protesters erecting two “wacky waving inflatable arm men” designed to look like Musk and repeatedly mimic his nazi salutes.
Another protest is scheduled for later today, starting at 4PM, and Tesla Takedown plans to protest from 4-7pm every Saturday and Sunday until further notice.
Finally, one video called the whole thing, and particularly the long line for dining, a “disaster.” It pointed out the difficulty a new Ioniq 6 owner was having with operating his Tesla app to grab a Supercharge (Tesla’s network is now open to Hyundai EVs). This did not appear to be a site-specific problem, rather an issue with the Tesla app as best we can tell, but the frustration of all the traffic chaos must not have made attempts to find a solution any easier.
While Tesla does have a spotlight on everything it does, this seems like a significant collection of difficulties and unforced errors for less than two weeks of operation (hmm, where have we seen something similar before…). Let’s see if they’re able to iron out the kinks.
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