Fiat Chrysler & Foxconn Plan Push Into Chinese Electric Car Market

Ruben Fields
January 19, 2020

For years, Foxconn has said he plans expand your business Out of assembling iPhones for Apple.

If an agreement is reached with Foxconn, a joint venture will initially focus on China, the largest market for electric cars with 1.2 million vehicles sold past year - half of the total worldwide.

Fiat Chrysler is in talks with Taiwanese company Foxconn to develop and produce battery-powered vehicles, the American-Italian automaker said today.

"The proposed collaboration ... would enable the parties to bring engineering and production and mobile software technology together to focus on the growing market for battery-electric vehicles", said Fiat Chrysler in a statement.

Intesa Sanpaolo analyst Monica Bosio described the possible deal as "positive", though it was not expected to have a significant impact on FCA fundamentals in 2020 and 2021.

The Chinese electric vehicle space is getting crowded.

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The Chinese electronics giant is in talks with Fiat Chrysler to develop and build electric cars in China.

Documents filed by Foxconn to authorities have revealed that the two companies are looking to establish a 50/50 joint venture to build these EVs.

"There is however no assurance that final binding agreements will be reached or will be reached in that timeframe", FCA said.

But Foxconn's ownership in the joint venture will be 40 per cent or less, the Taiwan-based company revealed. And Foxconn is also an investor in XPeng Motors, the Chinese electric vehicle startup that recently raised a fresh injection of $400 million in capital and has taken on Xiaomi as a strategic investor. "Entering the Indian market is an important step for Great Wall Motors' global strategy", Liu Xiangshang, vice president, global strategy at the Chinese automaker said.

The Chinese government has a credit-based system that encourages auto manufacturers to sell electric vehicles, leading to an increase in brands.

Although auto sales in India are also stuttering, the market is expected to become the world's third biggest by 2026, behind China and the United States, according to consultancy LMC Automotive.

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