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Stellantis to detail Foxconn strategic partnership on Tuesday

Stock MarketsMay 17, 2021 12:06PM ET
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© Reuters. FILE PHOTO: People wear masks to protect themselves from the coronavirus disease (COVID-19) while listening to the annual general meeting at the lobby of Foxconn's office in Taipei, Taiwan, June 23, 2020. REUTERS/Ann Wang

By Giulio Piovaccari

MILAN (Reuters) -Carmaker Stellantis and Foxconn said they plan to announce a strategic partnership on Tuesday, adding to a string of such deals by the Taiwanese iPhone assembler.

The partnership is expected to focus on a wide technological cooperation, after last year Fiat Chrysler, now part of Stellantis, said it planned to set up a joint venture with Hon Hai Precision Industry, Foxconn's parent company, to build electric cars and develop internet-connected vehicles in China.

However, finalising the deal was delayed by merger talks between Fiat Chrysler and France's Peugeot (OTC:PUGOY) maker PSA, which led to the creation of Stellantis, the world's fourth-largest carmaker, at the start of this year.

A re-launch in China is one of Stellantis' main goals.

Taiwan's Foxconn and China's Zhejiang Geely Holding Group said in January they were joining forces to provide contract manufacturing for automakers including electric vehicle maker Faraday Future.

Foxconn will also help build electric sport-utility vehicles in 2022 for Chinese startup Byton.

More recently, Foxconn and electric car maker Fisker finalised a vehicle assembly deal, including plans to open a U.S. plant in 2023.

Electric vehicles are expected to become a major contributor to Foxconn revenues in the coming years.

Stellantis and Foxconn will hold a call on Tuesday to present the partnership, with Stellantis Chief Executive Carlos Tavares and Foxconn Chairman Young Liu among others, they said in a joint statement, without providing further details.

Stellantis shares were up 1.5% at 1500 GMT, compared with a 0.5% rise for Milan bourse blue chip index.

Stellantis to detail Foxconn strategic partnership on Tuesday
 

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