Saturday, 19 June, 2021


Fiat Chrysler planning to make electric cars with iPhone manufacturer

Melba Vasquez | 18 January, 2020, 22:13

This seems like a very practical move from an automobile industry standpoint as China is the largest electric vehicle market in the world.

Fiat Chrysler is in talks with Taiwanese company Foxconn to design and manufacture battery-powered vehicles, the US automaker announced on January 17. Meanwhile, PSA Group, with which Fiat Chrysler is now planning to merge, also manufactures Citroen and Peugeot models in the country.

According to the filing, each party will own 50% of the venture to develop and manufacture electric vehicles and engage in an IOV, what Foxconn parent company Hon Hai calls the "internet of vehicles" business.

People aware of the deal told Reuters earlier on Friday that the two companies had agreed on the sale, with one of the sources adding that Great Wall is likely to pay around $250 million to $300 million to acquire the plant.

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 a year ago - half of the total worldwide.

The merger with PSA would help the Italian-American automaker to strengthen resources to meet tough new emissions rules and investments in electric mobility, where it has so far lagged its main competitors. Hon Hai would hold its 50% share both directly and indirectly and its direct shareholding would not exceed 40%.

Hon Hai and Fiat Chrysler are focusing on the Chinese market because of sheer volume, Liu added.

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

Hon Hai relies on Apple for about half of its sales.

The venture will initially focus on making electric vehicles for China.

"As autos get more and more electrified and more and more digital components replace mechanical ones - especially with EVs [electric vehicles], but also just traditional vehicles - there's scope for a real opportunity here", Bloomberg Intelligence analyst Matthew Kanterman said.

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