- The initial plan will be to manufacture in China for the local market first
- Fiat Chrysler will be in charge of the carmaking and Foxconn will support the electronics know-how including hardware and software
According to a report by Nikkei Asian Review, Foxconn will develop electric vehicles with Fiat Chrysler Automobiles. The report said that Fiat Chrysler will hold 50 per cent of the venture and Foxconn will hold not more than 40 per cent stake. A contract will be signed in this quarter between the two.
Manufacture in China for the local market first
The report also said that the initial plan will be to manufacture in China for the local market first. It added that exports will be possible later. The venture will also focus on the “internet of vehicles.” According to the report, the operation of Foxconn’s EV business will be handled mainly by subsidiaries FIT Hon Teng and FIH Mobile. Foxconn said that FIH Mobile will provide software solutions for automotive systems in electric cars.
The report added that two people familiar with the matter told Nikkei that Foxconn and Fiat Chrysler have discussed this venture for seven or eight months. As per the report, one of the sources said that Fiat Chrysler will be in charge of carmaking and Foxconn will support the electronics know-how including hardware and software.