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Foxconn ventures into Chinese electric vehicle market

Company building presence in Zhejiang, Jiangsu provinces for making EVs

Foxconn announces joint venture with Zhejiang Geely Holding Group Co. (Foxconn photo)

Foxconn announces joint venture with Zhejiang Geely Holding Group Co. (Foxconn photo)

TAIPEI (Taiwan News) — Taiwanese electronics manufacturer Foxconn is making inroads into China’s electric vehicle (EV) market with joint ventures and investment in relevant technologies.

On Wednesday (Jan. 13), Foxconn announced plans to establish a joint venture with Chinese automotive company Zhejiang Geely Holding Group Co. The company will be dedicated to the streamlined design and production of smart and electric automobiles, according to a press release.

Meanwhile, Hongfujin Precision Industry (Shenzhen) Co., a Foxconn affiliate, has founded the Futeng New Energy Automotive Technology Co. in Nanjing, which will be developing and manufacturing automobile components, wrote CNA.

These investments are the latest in a string of initiatives for Foxconn to build a presence in China’s electric car scene. Recently, the company has signed a framework of cooperation with the Nanjing Economic and Technological Development Zone and Byton, a Chinese all-electric vehicle automotive brand, for the delivery of electric cars.

In addition, Foxconn has teamed up with Kyoto-based Shimadzu Corporation to set up joint laboratories in 22 locations across China, including Shenzhen, Wuhan, and Chengdu. These labs will serve to provide services for automobile testing and analysis in China.