Fiat Chrysler planning to make electric cars with iPhone manufacturer

Fiat Chrysler planning to make electric cars with iPhone manufacturer

That's why contract-electronics giant Foxconn Technology Group and Fiat Chrysler Automobiles plan to unite to develop electric vehicles, according to a regulatory filing.

Meanwhile, Great Wall Motor has agreed to buy General Motors' (GM) vehicle plant in India, the companies said on Friday, as the Chinese automaker expands overseas amid slowing domestic demand. Meanwhile, PSA Group, with which Fiat Chrysler is now planning to merge, also manufactures Citroen and Peugeot models in the country. Both Fiat Chrysler and Peugeot have experienced delays in the development of electric drives and have had problems increasing sales in China, the world's largest vehicle market.

The venture, in which Hon Hai would hold at most a 40 percent stake, would combine the innovative spirit and strengths of both companies, while focusing on businesses that apply the Internet of Things to the automotive industry, Hon Hai said.

Fiat Chrysler is also particularly keen to boost its sales in China where it has less than a 1 per cent share of the local market, trailing GM's 13.8 per cent share and Ford's 2.3 per cent share.

The collaboration will "bring together the capabilities of two established global leaders across the spectrum of automobile design, engineering and manufacturing and mobile software technology", Fiat Chrysler said in its statement.

Buyers look over a Dodge Ram pickup from Fiat Chrysler on display at the March 2019 auto show in Denver.

Auto manufacturers around the world have announced a series of electric vehicle partnerships to share the high costs of technological development.

The Chinese government has a credit-based system that encourages automaker to sell electric vehicles, leading to a proliferation of brands.

The trend has led to a complicated mix of ties between competitors.

Mercedes Benz from Daimler AG has joint ventures for electric vehicles with both BYD Auto, one of the world's largest battery-powered vehicle manufacturers, and rival Geely Holding, which is best known overseas as the owner of Volvo cars in Sweden. Geely also has two separate electrical brands: Geometry and Volvo Polestar.

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