Stellantis, Foxconn finalize strategic partnership
Stellantis, Foxconn finalize strategic partnership
Companies have been discussing JV for electric vehicles, initially focused on China
Reuters
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.
Fiat Chrysler had previously said it would partner up to produce electric vehicles in China autoblog.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from autoblog.com Daily Mail and Mail on Sunday newspapers.
Automotive giant Stellantis and Taiwanese multinational electronics contract manufacturer Foxconn, the producer of the iPhone among other products, said on Monday that they would be announcing a strategic partnership tomorrow, Tuesday, May 18.
Representatives from each company will include Stellantis CEO Carlos Tavares; Foxconn Chairman Young Liu; Yves Bonnefont, Chief Software Officer at Stellantis; and Calvin Chih, Chief Executive Officer at FIH.
Last year, Fiat Chrysler, which has since been subsumed into Stellantis, said it intended to set up a joint venture with Hon Hai Precision Industry, the parent company of Foxconn. At the time, FCA had said it intended to build and develop electric vehicles and internet-connected vehicles in China.
Stellantis and Foxconn to announce strategic partnership on Tuesday netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.
14 May 2021, 07:05 am
Foxconn said, on Friday, May 14, that the shortage of components will be more severe in the second quarter of 2021. It comes after the iPhone maker announced that it performed better in its quarterly profits, despite the supply crisis.
In the first quarter of 2021, Taiwan s Foxconn revenue posted a whopping 45% increase, Reuters reported. The known iPhone manufacturer has the highest earnings ever in the said period.
The profits have skyrocketed amidst the problems in components supply, and the steep slow down of iPhone production in India as workers are infected by COVID-19.
(Photo : (Photo by Daniel Berehulak/Getty Images))