Foxconn forms JV with Geely to build cars for other carmakers

The two companies will each hold 50 percent of the joint venture each. They will provide car production, consulting, intelligent driving systems and other services to carmakers.

Foxconn - a Taiwanese electronics contract manufacturer, and Chinese automaker Geely have formed a joint venture to build cars on contract for other car manufacturers. The vehicles built will carry the client's name and branding.

The two companies will each hold 50 percent of the joint venture each. They will provide car production, consulting, intelligent driving systems and other services to carmakers.

Foxconn is a supplier to Apple. It marked its entry into automobile manufacturing after a collaboration with Bryton- a Chinese electric carmaker earlier this month. Last year, it had launched an EV platform - a set of tools that would allow a company to design large parts of an electric car that would be manufactured by Foxconn.

Geely owns Volvo and holds a share in Daimler AG. Earlier this week, it announced a partnership with Baidu - a Chinese search engine, to develop electric vehicles.

Source - CNBC