Foxconn forms joint venture with Chinese automaker Geely

First Chinese automaker to have exceeded 10 million vehicles sold under its brand, Geely Holding, which also owns the Volvo Group, announces a strategic partnership with Foxconn Technology, the world’s largest subcontractor, to create a joint venture to help car manufacturers accelerate the transition to connected, autonomous and electrified vehicles.

The joint venture will be 50/50 owned between Foxconn and Geely. It intends to revolutionize the model of the automotive industry by introducing computer and telecom technologies (ICT) to offer manufacturers efficient manufacturing processes and business models based on CASE (Connected, Autonomous, Shared, and Electrified) technologies. .

« This alliance between Geely and Foxconn represents an important step in the cooperation between the automotive industry and the information technology industry. With Foxconn’s expertise in R&D technologies, intelligent manufacturing and hardware-software integration capabilities, the two parties form a highly complementary partnership that allows us to meet the diverse needs of different customers, and to offer the most advanced, fastest and most economical services across the entire vehicle production value chain. The partnership with Geely Holding will not only match our company’s vision of ‘3 + 3 = ∞’ which symbolizes the endless possibilities created by industrial advancement and emerging technologies at Foxconn, it will also bring about a tremendous change in development. from the automotive industry Said Young-way Liu, president of Foxconn Technology Group.

« This cooperation is of great importance for both parties. Today’s global automotive industry is undergoing profound changes. We need to actively embrace change, build alliances and synergize resources to create greater value for our users. Foxconn’s professional capabilities, rich experience and global footprint in the ICT industry provide important insight into the transformation and evolution of the automotive industry. Geely Holding Group will fully play its advantages in the automotive fields of design, engineering, R&D, smart manufacturing, supply chain management and quality control while joining forces with Foxconn to jointly develop and explore new avenues to transform, improve and achieve high-quality development of the manufacturing industry ”Said Daniel Donghui Li, CEO of Zhejiang Geely Holding Group.

In 2020, Geely sold 1.32 million vehicles under its brand. Despite the closure of the Chinese auto market in the first quarter due to the Covid-19 outbreak, the automaker has seen its market share increase, with Geely Auto retaining its position as the best-selling Chinese brand since. four years in a row. In 2021, Geely sets its annual target of 1.53 million cars, an increase of 16% over 2020. In 2020, Geely Auto celebrated its 10 millionth vehicle sold, becoming the first Chinese brand to reach this milestone. historical.


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