IPhone assembler Foxconn Technology Group and the Chinese owner of Volvo Cars will set up a joint venture to provide contract manufacturing for global automakers, the companies said Wednesday, reported Caixin.
Foxconn and Zhejiang Geely Holding Group will each hold 50% of the joint venture and will provide consulting services on electric vehicle technologies to automakers, the companies said in a statement.
Apple reportedly plans to launch a self-driving electric car by 2024. As a major Apple contract manufacturer, Foxconn is speculated to become a major contender to make cars for its largest customer.