Apple supplier Foxconn inks partnership with Geely for contract manufacturing of cars

Geely and Foxconn form partnership to build cars for others

The two companies said the joint venture will introduce ICT production practices to improve manufacturing efficiency at vehicle makers.

They will each hold 50% of a venture that will also provide consulting services on electric vehicle (EV) technologies to automakers, the companies said in a statement.

It is the second deal this week announced by Geely, which said it will work with Chinese search engine giant Baidu to make electric vehicles.

Amid studies of Apple taking into consideration making its very own electrical autos, Foxconn has been bulking up its automotive muscle mass quickly.

Foxconn is a supplier to Apple.

Daniel Donghui Li, CEO of Zhejiang Geely Holding Group said: "This cooperation between Foxconn and Geely is of great significance to both parties".

The aim, the companies said, is to help automakers accelerate their transition to new innovative and efficient manufacturing processes and business models based on connected, autonomous, shared, and electrified technologies (referred to in the industry as CASE). Baidu will provide intelligent driving capabilities to power the passenger vehicles for the new venture, and Geely, which holds the distinction of best-selling Chinese automobile brand in past years under the Volvo and Geely brands, will contribute its expertise in automobile design and manufacturing. Canoo, Fisker, Lordstown Motors and Nikola Corp. are a few that have merged with a SPAC, otherwise known as a blank-check company. The board of directors will consist of five members with Foxconn appointing three including the Chairman and Geely Holding appointing two."This alliance between Geely Holding and Foxconn represents a milestone in cooperation between the automotive industry and ICT industry". They will provide auto production, consulting, intelligent driving systems and other services to carmakers.



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