IPhone assembler Foxconn Technology Group and the Chinese owner of Volvo Cars will set up a joint venture to provide contract manufacturing for global automakers, the companies said Wednesday.
Foxconn and Zhejiang Geely Holding Group will each hold 50% of the joint venture and will provide consulting services on electric vehicle technologies to automakers, the companies said in a statement.
Apple Inc. reportedly plans to launch a self-driving electric car by 2024. As a major Apple contract manufacturer, Foxconn is speculated to become a major contender to make cars for its largest customer.
Geely told Caixin that the joint venture hasn’t been registered and the company has no interested clients so far.
It was the second deal to be announced this week by Geely, which linked up with Chinese search giant Baidu to co-develop intelligent electric vehicles. Geely said the cooperation with Foxconn is different from the partnership with Baidu. The joint venture with Foxconn will introduce a model of information and communication technology, aiming to help clients in areas beyond the existing auto industry model and accelerate the transformation of innovative and efficient manufacturing supply-chain systems and business models.
Auto enterprises need to take the initiative to embrace changes, seek extensive alliances and coordinate resources, Geely CEO …Summary on Foxconn, Geely Plan Venture to Make Cars for Other Automakers provided by on