Hyperdrive
IPhone Manufacturer Gets Into Electric Cars Via Fiat Venture
- Foxconn has invested in China EV startups with little success
- Fiat Chrysler had less than 1% market share in China in 2018
This article is for subscribers only.
Hon Hai Precision Industry Co., the main assembler of Apple Inc.’s iPhones, will establish a joint venture with Fiat Chrysler Automobiles NV to develop and make electric vehicles in China.
Hon Hai and its subsidiaries will hold 50% of the venture and Fiat Chrysler the rest, the two companies said in separate statements. A formal agreement will be signed as soon as the first quarter, according to a person familiar with the matter. The initial focus will be on the Chinese market, with exports coming later, according to Fiat Chrysler.