Foxconn Technology Group, which assembles iPhones for Apple, announced that its new platform for the manufacture of electric cars will contribute to the start of the launch of its first production of cars later this year, in reference to the achievement of Taiwanese electronics giant made great progress in the field of automobile industry.

According to Yong Liu, head of Foxconn’s Hon Hai Precision Industry, to reporters at the company’s headquarters in Taipei, the company will unveil two new cars in the fourth quarter of this year, using the “Foxconn” platform. The company may launch an electric bus at the same time.

Foxconn is seeking to enhance its capabilities in the automotive industry, at a time when technology companies, led by Apple, are looking to expand in that field.

Last October, Foxconn revealed the launch of an open software platform aimed at helping electric car makers bring models to market faster.

The company has started a joint venture with Chinese automaker Zhejiang Geely Holdings. Liu said he is currently in talks with start-up Faraday View and others about cooperation in the electric vehicle industry.

As revenue from its auto business growth this year begins to flow into Foxconn, Liu expects the electric vehicle industry’s contribution to increase significantly to the group’s total revenue by 2023.