Taiwan’s Foxconn will make electric cars for China along with Fiat Chrysler
You might have seen that the automobile industry is moving towards making electric cars and moving away from petrol and diesel cars from a few years. You might have also heard about the famous electric car manufacturer named Tesla. Apart from Tesla, there are extremely few car makers who are developing an electric car at all.
However, we have a surprise announcement from Taiwan’s Foxconn who has revealed that they will be making electric cars for the Chinese market in partnership with Fiat Chrysler. While we know that Taiwan’s Foxconn is mostly known for developing consumer tech products such as Apple’s iPhones and others, this is the first time they are foraying into the car industry.
Foxconn group reveals that they want to diversify away from consumer technology and this is the best outcome of that. Foxconn Technology Group revealed that they want to work with Fiat Chrysler Group in making electric cars for China. Now, Tesla has recently entered the Chinese market and has already delivered its first Model 3 cars made in China as well. This seems to be one of the main reasons why Fiat Chrysler wants to partner with Foxconn and make electric cars. Because they want to compete with Tesla and enter the market when it is still fresh and new.
It is also revealed that Fiat Chrysler is struggling to expand its presence in China so the Foxconn Group partnership might be beneficial for them since Foxconn has a huge presence in China already. Talking about Chinese market, we know that its economy is not growing as fast as it once did but its electric car sales are still rising. Last year’s data reveals that China’s electric car market grew 6% even though its car sales contracted by 8%.