Stellantis partners with Foxconn to develop high tech electric vehicles
Category: #business |   By Pankaj Singh |   Date: 2021-05-18

Stellantis partners with Foxconn to develop high tech electric vehicles

Stellantis N.V, a Fiat Chrysler Automobiles N.V. and PSA Group’s jointly formed entity, has finalized the partnership with Taiwan-based electronics manufacturer Foxconn Technology Group. The duo will focus on developing high-tech electric vehicles, specifically targeting the Asia-Pacific market.

This partnership will reportedly include Foxconn subsidiary FIH Mobile limited which is primarily responsible for supply chain processes for the global handset industry.

It is worth noting that Stellantis has been struggling to maintain the sales figures in the region. As per the reports, Stellantis’s sales in Asia-Pacific contributed less than 3% to the automaker's overall revenue.

In this context, experts claimed that the company needs a strong comeback in the world’s largest EV and vehicle market where its rivals are making significant investments. The explosive growth can also be attributed to strict emission regulations, especially in China.

Carlos Tavares, the CEO of Stellantis mentioned that the company has been revamping its strategy for China’s market as the founding companies individually have not been able to establish a presence. He added that the company will rework its business model from the grass-roots level although, these changes are likely to take some time.

The two companies are expected to hold a conference with Tavares and Young Liu, chairman of Foxconn’s parent company Hon Hai Precision Industry Ltd.

Foxconn’s strong position in China is expected to benefit Stellantis considering the former is quite proficient in terms of high volume production. This partnership is also likely to give a boost to the in-vehicle infotainment systems and wireless features, sources confirmed.  

Foxconn has been the apple of the eye after it debuted its first electric vehicle chassis as well as software to support EVs last year. Multiple companies and startups have shown significant interest in seeking collaboration with the leading iPhone assembler.

Source credits-

https://www.detroitnews.com/story/business/autos/chrysler/2021/05/17/stellantis-foxconn-announce-strategic-partnership/5124934001/

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Pankaj Singh

With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with Read more...

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