Hon Hai plans second joint venture with automaker Stellantis

09/23/2022 09:21 PM
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Hon Hai
Hon Hai's headquarters in New Taipei. CNA file photo

Taipei, Sept. 23 (CNA) Taiwan-based manufacturing giant Hon Hai Precision Industry Co. on Friday said it plans to invest US$75 million to establish a second joint venture with multinational auto manufacturer Stellantis NV.

Once the deal is finalized, Hon Hai said its subsidiary Foxconn Holdings BV and Stellantis will each hold 50 percent of the new venture.

However, the Taiwanese tech giant declined to reveal any more details about the business collaboration.

This will be the second joint venture between Hon Hai and Stellantis.

Last year, Hon Hai announced the establishment of Mobile Drive, a joint venture with Stellantis to develop smart cockpit solutions for vehicles and Internet of Vehicles (IoV) services, with each party holding 50 percent of the company.

In addition to the smart cockpit joint venture, Hon Hai and Stellantis also signed a memorandum of understanding (MOU) on Dec. 7, 2021, to set up an auto semiconductor development partnership.

Under the MOU, the two partners will roll out four auto chips for Stellantis and third parties, the aim being to start using the new chips in 2024.

(By Chang Chien-chung and Ko Lin)

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