Foxconn signs JV with Geely to make EVs and more

Zhejiang Geely Holdings Group (Geely), the strategic partner of national carmaker Proton, alongside Taiwanese electronics manufacturer Foxconn Technology Group, announced a new joint venture on Wednesday to provide contract manufacturing to other global carmakers.

The aim, the companies said, is to help automakers accelerate their transition to new innovative and efficient manufacturing processes and business models based on connected, autonomous, shared and electrified technologies, or known as CASE by the automotive industry.

Geely and Foxconn will each hold a 50% stake in the new venture, which will also provide consulting services relating to whole vehicles, parts, and electric vehicles (EV) technologies, the companies said in a statement.

For Geely, this new venture opens the opportunity to share its SEA electric vehicle platform to other brands, while for Foxconn, it is a step closer towards becoming a reputable EV player.