The Wall Street Journal is reporting that Fiat Chrysler and Foxconn are working together to develop electric vehicles.
Fiat Chrysler may be the eighth largest automaker, but it lags significantly behind in the electric vehicle market. This is a long-term problem the company must deal with, as both China and Europe have increasingly been cracking down on automotive emissions.
Foxconn, on the other hand, is well known in the electronics industry and is one of the main companies behind the success of Apple’s iPhone manufacturing. The company has been working to branch out into other industries, and its “chairman, Young Liu, said during an investor call in November that electric vehicles were one area the company was focusing on for future growth,” according to the WSJ.
The company had indicated it was not interested in building the entire car itself, but providing a chassis platform for automakers to use. That approach was evidently agreeable to Fiat Chrysler.
While Fiat Chrysler did not return the WSJ’s request for comment, regulatory filings in Taiwan provided evidence of the proposed joint venture, with Foxconn having roughly a 40% share.