Taiwan Business in Brief – August 2021

EVA Announces More Flights

Domestic airline EVA Airways Corp. is planning to increase its weekly passenger flights from Taiwan to North America in August in response to increased demand.

The airline will offer five round-trip flights from Taiwan Taoyuan International Airport to Seattle per week, as well as four to New York, two each to Chicago and Vancouver, and one each to Toronto and Houston. It will continue to offer the current seven flights per week to Los Angeles.

As more North Americans have become vaccinated, demand for passenger flights has risen, although the situation remains unpredictable. Taiwan’s suspension of processing new visa applications will remain in effect, and travelers must undergo a 14-day quarantine upon arrival.

Hon Hai, CTBC To Create EV Fund

Hon Hai Precision Industry Co. (better known internationally as Foxconn) on July 16 announced its collaboration with CTBC Financial Holding Co. to create a new fund targeting electric vehicle (EV) investments. The fund would “accelerate the rate of development” of EV companies by coupling funding with technical support, Hon Hai chairman Young Liu said in a statement.

As global demand for EVs rises, Taiwanese semiconductor and information and communications technology (ICT) companies are targeting the development of products with EV applications. Although it has yet to produce its own EV brand, Taiwan has a well-developed supply chain for EVs that is utilized by Tesla and other overseas companies.

Hon Hai this spring launched the Mobility in Harmony Alliance, a platform for Taiwanese EV supply chain companies to develop their technologies and collaborate on producing the first domestic EV. Over 1,800 companies have since joined the platform. Previously, Hon Hai had announced plans to partner with Fisker, a California-based EV maker. It has also participated in Japan’s Softbank Vision Fund, China’s Sinovation venture, and other similar ventures in the U.S. The collaboration with CTBC will constitute Hon Hai’s first investment in a purely domestic fund.

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