To do this, they will create a joint venture with equal participation
Taiwanese contract electronics maker Foxconn and Chinese automaker Geely have said they will join forces to go into contract manufacturing.
Foxconn and Geely team up to go into contract manufacturing
The partners will create a joint venture, the shares in which will be equally divided between them. The joint venture will not only produce cars but also provide consulting services to automakers on technologies used in electric vehicles.
Last September, Geely unveiled its first electric vehicle platform, promising to share the development with other automakers. The company also recently announced that it plans to produce electric cars commissioned by the Chinese search engine giant Baidu.
Foxconn, better known as Apple’s main manufacturing partner, said in October that it plans to supply 10% of the world’s electric vehicles by 2025-2027.
At the beginning of the month, information appeared that Foxconn is going to invest about $ 200 million in the Chinese company Byton and by the first quarter of 2022 to master the serial production of the Byton M-Byte electric car.