European Commission clears Geely, Foxconn joint venture
The joint venture by Zhejiang Geely Holding Group in China and Futaihua Industry Shenzhen in Taiwan covered Original Equipment Manufacturers (OEM) production or outsourcing consulting services of customized electronics for domestic and foreign passenger cars manufacturers in China. Futaihua is a wholly-owned subsidiary of Hon Hai Precision Industry, trading as the Foxconn Technology Group of Taiwan.
Futaihua provides third-party electronic manufacturing services for computers, mobile phones, video game consoles and televisions.
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The move is a key part of Foxconn’s move into the car industry and the company has deals with Fisker and the Stellantis group that owns the Fiat and Chrysler brands as well as a joint venture with component supplier Yageo. It is also buying a fab to produce SiC silicon carbide transistors for its car electric business.
Geely also owns the Polestar electric car brand jointly with Volvo as well as Lotus and Proton. It has also launched its own satellites to provide global communications links to its vehicles, making the joint venture a key capability.
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