Foxconn & Fiat Chrysler Unite For E-Vehicles
As the auto-maker industry lags in battery-powered cars, electronic companies seek to broaden business.
That’s why contract-electronics giant Foxconn Technology Group and Fiat Chrysler Automobiles plan to unite to develop electric vehicles, according to a regulatory filing.
The Italian-American auto maker is believed to be making this move to capitalise in the growing e-vehicle sector, after losing ground for battery-powered cars.
In a filing in Taiwan on Thursday, Foxconn revealed it is establishing a joint venture with Fiat Chrysler to develop and produce electric vehicles, including operating internet-connected vehicles.
But Foxconn’s ownership in the joint venture will be 40 per cent or less, the Taiwan-based company revealed.
The move for Foxconn comes as it looks to expand beyond electronics and improve profitability – despite being the main assembler of Apple’s iPhones, sales have been slowing as consumers are keeping their smartphones for longer and other competitors enter the market.
Fiat Chrysler has declined to comment on this story.