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Taiwan’s Honghai Plant (Foxcon), Apple’s largest consignment manufacturer, has joined forces with Geely. The two companies plan to form a joint venture to focus on electric vehicle research and development (R&D).
According to the Pengpai newspaper, a local Chinese media, on the 13th, Foxconn and Geely Motors decided to establish an electric vehicle R&D joint venture. 50% of the shares are invested by Foxconn and Geely.
The two companies said they plan to provide consignment production and customized consulting services as well as automobile finished vehicles and parts, artificial intelligence (AI) control systems, automotive ecological environments, and entire electric vehicle industrial processes through a joint venture.
Liu Yang-way, chairman of Foxconn, emphasized that “The reason Foxconn and Geely joined hands is a megaton-level joint venture between automobile companies and ICT industry of information and communication convergence.”
Li Donghui, CEO of Geely Motors, also highly praised, saying, “Through cooperation between the two companies, we will exert a synergy effect.”
Foxconn is eager to occupy a 10% share in the global electric vehicle market from 2025 to 2027. A memorandum of understanding was established to establish a joint venture for electric vehicle manufacturing and wireless communication connect car production with Fiat Chrysler Automobile (FCA), a major automobile, and for joint research and development of electric vehicles and system construction with Yulong. Concluded.
On the 4th, it signed a contract with China’s Nanjing Economic Development Zone and electric car maker Byton to jointly produce the Biphone M-Byte SUV by the first quarter of next year.
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