Stellantis, Foxconn finalize strategic partnership
MILAN -- Stellantis and iPhone assembler Foxconn will announce a strategic partnership on Tuesday.
Fiat Chrysler Automobiles, now part of Stellantis, said in January it planned to set up a joint venture with Hon Hai Precision Industry, Foxconn's parent company, to build electric cars and develop Internet-connected vehicles, initially focused on the Chinese market.
Efforts to finalize the partnership were put off by FCA's merger with PSA Group to form Stellantis, which was completed in January.
A relaunch in China is one of the main goals of Stellantis.
The two companies will hold a conference call on Tuesday to present the partnership, with Stellantis CEO Carlos Tavares and Foxconn Chairman Young Liu among those attending, Stellantis said in a statement on Monday.
When Foxconn and Fiat Chrysler unveiled their cooperation a year ago, Liu said Hon Hai would oversee design, components and supply chain management for the venture. The new partnership may focus initially on a collaboration on a smart cockpit or in-car digital services, people familiar with the matter said.
In October, Hon Hai unveiled its first electric vehicle chassis as well as a software platform aimed at helping EV makers get models to market faster.
The company also outlined plans to release a solid-state battery by 2024. Since then, it has signed deals with Chinese EV startup Byton and U.S.-based Fisker.
Hon Hai has a massive presence in China that could help Stellantis improve its weak position in the world’s largest auto market. The automaker generated less than 3 percent of its revenue from the Asia-Pacific region last year.
In January, Foxconn and China's Zhejiang Geely Holding Group said they were cooperating to provide contract manufacturing for automakers. They said they were in talks to provide contract manufacturing services to electric-vehicle maker Faraday Future.
and even make a purchase of their desired model.
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