INTERNATIONAL - Italian-American automaker Fiat Chrysler and the parent of iPhone assembler Foxconn plan to set up a joint venture to build electric cars and develop internet-connected vehicles, the two groups said.
Fiat Chrysler confirmed on Friday it was in talks with Hon Hai on the potential creation of a 50-50 joint venture to develop and manufacture new generation battery electric vehicles in China and engage in the IoV, or ‘Internet of Vehicles’, business.
The Italian-American car maker is looking to make up ground in the battery-powered vehicle space and is set to launch its first full-electric model - the 500 small car - this year.
FCA’s statement came after Taiwan’s Hon Hai - the parent of Foxconn, the Chinese assembler of Apple iPhones - announced the potential joint venture in a separate statement.
Hon Hai said it would hold its 50 percent share both directly and indirectly and its direct shareholding would not exceed 40 percent.