Sharp has revealed an innovative electric vehicle prototype, the LDK+, developed in collaboration with its parent company Foxconn (OTC:HNHPF). The announcement was made on Tuesday during Sharp Tech-Day in Tokyo.

What Happened: The LDK+ concept car integrates the functionality of a traditional vehicle with a room-like interior, aiming to provide a new style of mobility. Sharp's Chief Technical Officer, Mototaka Taneya, emphasized the growing importance of cars as personal spaces, especially with the advent of autonomous driving technology, Nikkei Asia reported on Wednesday.

Sharp's design allows the vehicle's interior to be used effectively even when parked, transforming it into a personal space for work or leisure. Features include a rotatable rear seat, a Sharp LCD display, and windows that can turn opaque for privacy. The car also uses AI to adjust air conditioning and lighting based on user preferences.

The LDK+ is built on an EV platform developed by Foxconn, which has been focusing on the EV market. Foxconn's Chief Strategy Officer for EVs, Jun Seki, highlighted the cost-efficiency of this modular approach, allowing companies to create unique models without heavy investments.

Sharp's entry into the EV market comes amid industry challenges, with growth slowing and automakers adjusting their strategies. Despite these hurdles, Seki expressed optimism about the future of EVs, predicting significant market growth by 2027.

Why It Matters: The collaboration between Foxconn and Sharp represents a significant step in the evolving electric vehicle market. Foxconn, a major supplier for Apple Inc. (NASDAQ:AAPL), has been making strategic moves to diversify its portfolio and enter the EV sector. In May 2022, Foxconn's chairman, Liu Young-way, expressed confidence in overcoming supply chain challenges and aimed to become the first EV maker not affected by material shortages. This ambition aligns with their broader strategy to compete with established EV manufacturers like Tesla Inc. (NASDAQ:TSLA) and Nio Inc. (NYSE:NIO).

Furthermore, Foxconn's recent approval to invest $246 million in Northern Vietnam for manufacturing EV parts underscores their commitment to this market. The investment will focus on producing EV chargers and components, starting in January 2025. This move is expected to enhance Foxconn's production capabilities and support its goal of becoming a key player in the EV industry.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari