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Geely and Foxconn form JV to make electric vehicles for other automakers

2021-01-06

Zhejiang Geely Holding Group (Geely Holding) and Foxconn Technology Group (Foxconn) signed a strategic cooperative agreement and will establish a joint venture company to provide OEM and customized consulting services relating to whole vehicles, parts, intelligent drive systems, automotive ecosystem platforms to global automotive enterprises and ridesharing companies.

According to the statement, the new joint venture will `revolutionize` the automotive industry model by introducing the Information and Communication Technology (ICT) division of labor to help automakers accelerate their transition to new innovative and efficient manufacturing processes and business models based on CASE (Connected, Autonomous, Shared, and Electrified) technologies.

Terry Gou, Founder of Foxconn, and Li Shufu, Chairman of Geely Holding Group, attended and witnessed the digitally held signing ceremony. Young-way Liu, Chairman of Foxconn and An Conghui, President of Geely Holding Group, President and CEO of Geely Auto Group, signed the agreement on behalf of the two companies.

Each party to hold 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.

[This alliance between Geely Holding and Foxconn represents a milestone in cooperation between the automotive industry and ICT industry. With Foxconn`s globally leading R&D technologies, intelligent manufacturing, and hardware-software integration capabilities, the two parties form a highly complementary partnership which allows us to better serve and meet the diverse needs of different customers, and offer the most advanced, fastest, cost-effective full value-chain vehicle production service platform," said Young-way Liu, Chairman of Foxconn Technology Group.

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