The electric, autonomous vehicles of the future might be manufactured by Apple’s main supplier Foxconn and Chinese automaker Zhejiang Geely Holding Group.
The two companies have agreed to form a joint venture focused on contract manufacturing for automakers, with a specific focus on electrification, connectivity and autonomous driving technology as well as vehicles designed for sharing. Each party will hold an equal 50% stake in new joint venture. The board of directors will consist of five members with Foxconn appointing three including the Chairman and Geely Holding appointing two, according to a statement issued by the two companies.
The agreement follows moves by both companies to take larger roles in contract manufacturing for automakers. Earlier this week, Geely said it would help China’s search giant Baidu set up a company to produce electric vehicles. Baidu will provide smart driving technologies while Geely will be in charge of car design and manufacturing. Meanwhile, Foxconn has announced plans to help troubled Chinese electric car startup Byton build its M-Byte SUV.
Geely Holding Group CEO Daniel Donghui Li said that the global automotive industry is undergoing profound changes. Geely must “actively embrace change build alliances, and synergize …read more