Hon Hai Precision, Fiat Chrysler to form EV venture in China
TAIPEI, NNA – Hon Hai Precision Industry Co. will start discussions with Fiat Chrysler Automobiles NV on establishing an electric vehicle manufacturing joint venture in China.
Taiwan-based Hon Hai, the world’s largest electronics contract maker, said in a statement Thursday it plans to set up a 50-50 joint venture between a subsidiary and the Italian-U.S. automobile group.
Hon Hai did not specify which subsidiary, adding that it will disclose details of the deal after signing a partnership contract with the automaker, the statement said.
The planned joint venture in China will do development and production of electric vehicles as well as work on internet of things technology, the statement said.
Hon Hai Chairman and CEO Liu Young-way said that the Taiwanese group is looking into digital healthcare and robotics as ways to boost its gross profit margin, Taiwan's Economic Times reported Friday. The report quoted Liu saying the alliance with Fiat Chrysler would pave the way for production of EVs and its component markets.