Foxconn could develop new electric vehicles with Saudi Arabia

Foxconn may very soon announce a joint venture with Saudi Arabia with the aim of building electric vehicles.   This partnership could allow the nation to diversify its economy (currently located exclusively in the oil market) as the automotive sector is increasingly moving away from the use of internal combustion engines.  The Velocity division of Saudi Arabia will be the largest shareholder in the new joint venture The Saudi Arabian Public Investment Fund will create a new division called Velocity that will be the majority shareholder of the joint venture, anonymous sources told Automotive News .  The Chinese giant will provide software, electronics and electrical architecture for its electric vehicles, but will still remain the minority share in the project. The same sources added that the joint venture could use a platform licensed by BMW to build its EVs.  As automakers have invested heavily in developing new EV platforms, many are trying to offset these costs by licensing their floorboards. We just have to wait for the next few weeks to find out more information.

Foxconn may very soon announce a joint venture with Saudi Arabia with the aim of building electric vehicles.

This partnership could allow the nation to diversify its economy (currently located exclusively in the oil market) as the automotive sector is increasingly moving away from the use of internal combustion engines.

The Velocity division of Saudi Arabia will be the largest shareholder in the new joint venture

The Saudi Arabian Public Investment Fund will create a new division called Velocity that will be the majority shareholder of the joint venture, anonymous sources told Automotive News .

The Chinese giant will provide software, electronics and electrical architecture for its electric vehicles, but will still remain the minority share in the project. The same sources added that the joint venture could use a platform licensed by BMW to build its EVs.

As automakers have invested heavily in developing new EV platforms, many are trying to offset these costs by licensing their floorboards. We just have to wait for the next few weeks to find out more information.

source:motorionline

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