Geely and Foxconn form joint venture
Geely Holding and Foxconn are looking to establish a joint venture company to provide OEM and customised consulting services – providing whole vehicles, parts, intelligent drive systems and automotive ecosystem platforms to global automotive companies.
With this new joint venture Geely and Foxconn will introduce a Information and Communication Technology (ICT) division of labor which aims to help automakers accelerate their transition to new and efficient manufacturing processes and business models based on CASE (Connected, Autonomous, Shared, and Electrified) technologies. Each party will hold an equal 50% stake in new joint venture. The board of directors will consist of five members with Foxconn appointing three including the Chairman and Geely Holding appointing two. “This alliance between Geely Holding and Foxconn represents a milestone in cooperation between the automotive industry and ICT industry. With Foxconn’s globally leading R&D technologies, intelligent manufacturing, and hardware-software integration capabilities, the two parties form a highly complementary partnership which allows us to better serve and meet the diverse needs of different customers, and offer the most advanced, fastest, cost-effective full value-chain vehicle production service platform,” says Young-way Liu, Chairman of Foxconn Technology Group, in a press release. “This cooperation is of great significance to both parties. The current global automotive industry is undergoing profound changes. We must actively embrace change, build alliances, and synergize resources to create greater value for our users. Foxconn’s professional capabilities, rich experience, and global layout in the ICT industry offer important insight for the transformation and evolution of the automotive industry. Geely Holding Group will give full play to its advantages in the automotive fields of design, engineering, R&D, intelligent manufacturing, supply chain management, and quality control while joining forces with Foxconn to develop together and explore new pathways for transforming, improving, and achieving high-quality development of the manufacturing industry.” adds Daniel Donghui Li, CEO of Zhejiang Geely Holding Group.