Apple Supplier Foxconn Joins Partnership to Build Cars for Third Parties

Marco Green
January 14, 2021

Foxconn is signing up for forces with Chinese carmaker Zhejiang Geely Holding Group Co.to provide manufacturing and consulting providers to worldwide automotive enterprises, in accordance to a assertion from the companies Wednesday.

The two companies have agreed to form a joint venture focused on contract manufacturing for automakers, with a specific focus on electrification, connectivity and autonomous driving technology as well as vehicles designed for sharing.

Apple's biggest supplier Foxconn has started a partnership to provide contract manufacturing to carmakers, according to a new report.

They will each hold 50 percent of a joint venture that will also provide consulting services on electric vehicle (EV) technologies to automakers, the companies said in a statement.

Young-way Liu, Chairman of Foxconn Technology Group said: "This alliance between Geely Holding and Foxconn represents a milestone in cooperation between the automotive industry and ICT industry".

Geely and Foxconn didn't disclose the financial details or the operation timeline of the joint venture.

It is the second deal this week announced by Geely, which said it will work with Chinese search engine giant Baidu to make electric vehicles.

Geely Holding Group CEO Daniel Donghui Li said that the global automotive industry is undergoing profound changes.

Based on composition of the board of directors, Foxconn will hold more power in the joint venture, with three of five board seats and the right to name the chairman. Meanwhile, Foxconn has announced plans to help troubled Chinese electric auto startup Byton build its M-Byte SUV.

Two days ago, Geely entered into a strategic partnership with Baidu to invest in the latter's forthcoming smart vehicle company.

Other reports by Click Lancashire

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