Foxconn Technology Group is in talks with Saudi Arabia for a possible joint venture focusing on electric vehicle manufacturing. The information is not yet official, but a new report Automotive News Citing “people familiar with the matter” who told the publication that Saudi Arabia’s public investment fund would set up a new company called Velocity, which should be the majority stakeholder in the new joint venture.
The investment fund currently manages about $ 450 billion in assets and seeks to engage in the electric vehicle business to diversify the oil-rich nation’s economy. According to sources, iPhone maker Foxconn will provide software, electronics and electrical architecture for new electric vehicles made in Saudi Arabia. Foxconn will also have a minority stakeholder in the joint venture company.
More interestingly, the report claims that the new firm aims to use BMW chassis for EVs and plans to sign an agreement before the end of the year. Of course, nothing has been confirmed by his report so far. Automotive News Just because of the information available on the project.
BMW is expected to provide the new joint venture company with an old electric architecture. This will not be the first time the automaker has licensed its platforms for use by another manufacturer, as the Vietnamese firm VinFast uses old BMW X5 underpinnings for its President SUV. In addition, the new Land Rover Range Rover features BMW’s 4.4-liter Twin Turbo V8 as an option.
As a final note, Foxconn recently entered the automotive industry with its first three vehicles, the Foxconn Model C, Model E, and Model T, developed in collaboration with Taiwanese carmaker Yulon Motor Co Ltd. Have gone Lordstown Motors startup in the United States.