Taiwan-based electronics giant Hon Hai Precision Industry Company, better known as Foxconn, this week announced it has signed a strategic agreement with China's Zhejiang Geely Holding Group to produce electric vehicles, components and advanced systems for third-party companies. related to CASE, Components, Electric drive, Emerging markets, M&A and JV deals, Vehicle manufacturers, Geely Holding Group,
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16 Dec, 2020 Author Peter Murphy
European automakers are slowly withdrawing the urban minicars to which they owe a great deal of their present-day fortunes as the costly transition to electric and digitalized vehicles prompts manufacturers to axe their least profitable products.
The car class known as the A-segment, or city car, has been falling out of favor for at least a decade. Since 2014, sales have been broadly flat while total car registrations have grown 22.2%, according to data from the European Automobile Manufacturers Association, or ACEA.
Automotive consultancy LMC said that from 2010-2019, the European city car market contracted from 27 distinct models with significant sales to 20.