BEIJING/TAIPEI (Reuters) – Taiwan’s Foxconn and Chinese automaker Zhejiang Geely Holding Group will form a partnership to provide contract manufacturing and consultancy services to automakers and mobility companies, three sources said on Wednesday.
The two companies will set up a joint venture which will form the basis of a strategic partnership for the auto industry, said one source with direct knowledge of the matter.
Foxconn, whose official name is Hon Hai Precision Industry Co Ltd and is best known as a major supplier to Apple Inc, did not immediately respond to a request for comment. Geely declined to comment.
The sources declined to be identified as the companies have yet to make a formal announcement.
Geely has partnered with Chinese search engine giant Baidu Inc to make electric vehicles, the companies said this week.
Foxconn said in October it aimed to provide components or services to 10% of the world’s EVs by 2025-2027.
(Reporting by Yilei Sun and Yimou Lee; Editing by Edwina Gibbs)
