Foxconn, the contract electronics manufacturer most closely associated with the Apple iPhone, has confirmed in a filing with authorities it is planning to start a car-making joint venture with Fiat Chrysler (FCA).
In the documents discovered by Bloomberg, the two companies are looking to setup a 50/50 joint venture to manufacture electric vehicles. Initially, EVs made by this new pairing will be targeted at the Chinese market, but exports may be considered further down the track.
While the two parties have yet to sign a formal agreement, they intend to put pen to paper during the first quarter of 2020.
Young Liu, Foxconn's chairman, told the financial publication Foxconn "will be responsible for design, components and supply chain management".
Above: The current Fiat 500e.
It's not clear what car or cars FCA intends to produce at its new joint-venture facility, but it has publicly committed to developing a pure electric version of the next-generation Fiat 500.
Also uncertain is when the joint venture will begin producing vehicles. Fiat Chrysler is currently in the process of completing a merger of equals with the PSA Group, but this isn't expected to be finalised until late 2020 or some time in 2021.
Sales of electric vehicles in China dropped considerably in 2019 as the government wound back incentives, and the broader car market went backwards.
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