Apple Partner Foxconn and Zhejang Geely have formed a Joint Venture Company to Revolutionize the Automotive Industry
Apple Inc.’s Taiwanese manufacturing partner Foxconn Technology Group is setting up a car venture with Zhejiang Geely Holding Group, strengthening its automotive capabilities at a time when technology companies including Apple are looking to expand into vehicles. Geely is parent company of brands including Volvo Cars, Lynk and others.
The companies officially announced today that Zhejiang Geely Holding Group (Geely Holding) and Foxconn Technology Group (Foxconn) signed a strategic cooperative agreement and will establish a joint venture company to provide OEM and customized consulting services relating to whole vehicles, parts, intelligent drive systems, automotive ecosystem platforms to global automotive enterprises and ridesharing companies.
Taiwan’s Foxconn and Chinese automaker Zhejiang Geely Holding Group said on Wednesday they will join hands to provide contract manufacturing for automakers.
They will each hold 50 per cent of a venture that will also provide consulting services on electric vehicle (EV) technologies to automakers, the companies said in a statement.
It marks the latest move by Foxconn, a major Apple Inc supplier, into autos after a tie-up with Chinese electric car startup Byton and comes amid reports that Apple is likely to launch a self-driving electric car by 2024. For Geely, the partnership will allow it to share its first EV-focused platform with other automakers.