Geely and Foxconn form partnership to build cars for others

Cornelia Mascio
Января 14, 2021

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

Zhejiang Geely Holding Group (Geely Holding) and Foxconn Technology Group (Foxconn) have signed a strategic cooperative agreement that will establish a joint venture company to provide OEM production and comprehensive customised consulting services relating to whole vehicles, parts, intelligent drive systems, automotive ecosystem platforms nd electric vehicle industry value chain to global automotive enterprises. The board of directors will consist of five members with Foxconn appointing three including the Chairman and Geely Holding appointing two, according to a statement issued by the two companies. It also said this week that it has partnered with Chinese search engine giant Baidu Inc to make EVs. This could make Foxconn a prime manufacturing partner, much in the same way that the Taiwanese company now assembles iPhones and other devices for Apple.

"Amid reports of Apple considering making its own electric vehicles, Foxconn has been bulking up its automotive muscles swiftly. Joining hands with Foxconn, Geely will leverage its systematic advantages in automotive design, engineering development, smart manufacturing, supply chain management and quality control to explore all-new approaches for the transition, upgrading and high-quality development of manufacturing industry", said Li Donghui, CEO of Geely Holding.

Its main listed company, Geely Automobile, has the capacity to build more than 2 million vehicles a year but sold only some 1.32 million in 2020.

Foxconn Chairman Young-way Liu said the new alliance represents a milestone in cooperation between the automotive industry and the information, communication and technology industry. They will provide vehicle production, consulting, intelligent driving systems and other services to carmakers.

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