The Foxconn logo is displayed on a Foxconn building in Taipei on January 31, 2019.
Sam Yeh | AFP | Getty Images
The deal, which was announced on Wednesday, marks Foxconn’s continued expansion into the auto sector and reflects Geely’s desire to partner with technology companies.
Foxconn and Geely will provide car production, consulting, intelligent driving systems and other services to global automotive enterprises, the two companies said.
Taiwanese firm Foxconn is best known as the company that assembles Apple’s iPhones. Last year, it launched a platform to help automobile companies make electric cars. And this month, Foxconn signed a deal with Chinese electric carmaker Byton to help produce its first vehicle.
Meanwhile, Geely inked a deal with Chinese search giant Baidu to be a minority shareholder in a new standalone electric vehicle company. Geely will be the manufacturing partner in Baidu’s new venture.
Foxconn and Geely will each hold a 50% stake in their joint venture.
In theory, automakers could come to Foxconn and Geely to design and even manufacture their next car. The vehicle that is produced will bear the automaker’s name and branding.