Geely & Foxconn JV for Global Auto Consulting Services
Zhejiang Geely Holding Group and Foxconn Technology Group signed a strategic cooperative agreement that will establish a joint venture
Zhejiang Geely Holding Group and Foxconn Technology Group signed a strategic cooperative agreement that will establish a joint venture company to provide OEM production and comprehensive customized consulting services relating to whole vehicles, parts, intelligent drive systems, automotive ecosystem platforms, electric vehicle industry value chain, etc to global automotive enterprises. The new joint venture will revolutionize the automotive industry model by introducing the Information and Communication Technology division of labour to help automakers accelerate their transition to new innovative and efficient manufacturing processes and business models based on CASE (Connected, Autonomous, Shared, and Electrified) technologies.
Each party to hold equal 50% stake in new joint venture. The board of directors will consist of five members with Foxconn appointing three including the Chairman and Geely Holding appointing two.