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Fiat Chrysler and Foxconn plan push into Chinese electric car market – Source Reuters Tech News

MILAN (Reuters) – Automaker Fiat Chrysler plans to set up a joint venture with the parent of iPhone assembler Foxconn to build electric cars and develop internet-connected vehicles in China, as it looks to make up ground in electric mobility.

FILE PHOTO: The logo of car manufacturer Fiat is seen in Zurich, Switzerland October 30, 2019. REUTERS/Arnd Wiegmann/File Photo

Fiat Chrysler (FCA) – which is set to launch its first full-electric model, the 500 small car, this year – last month reached a binding agreement for a $50 billion tie-up with France’s PSA to create the world’s No. 4 carmaker.

The merger with PSA would help the Italian-American automaker to strengthen resources to meet tough new emissions rules and investments in electric mobility, where it has so far lagged its main competitors.

FCA confirmed on Friday it was in talks with Hon Hai on the potential creation of a 50-50 joint venture to develop new generation battery electric vehicles and engage in the IoV, or…

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Source Reuters Tech News

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