Stellantis and Foxconn, the Taiwanese firm best known for contract manufacturing the Apple iPhone, appear ready to announce a partnership to produce electric cars.
Reuters first reported the news Monday, and Stellantis later announced a joint press conference with Foxconn, to be held Tuesday.
The partnership follows a deal announced last year between Foxconn and Fiat Chrysler Automobiles (FCA), before the automaker finalized its merged with PSA Group to form Stellantis. That deal, which called for a joint venture to manufacture electric cars for the Chinese market, was put on hold due to the merger, according to Reuters.
Foxconn appears eager to expand from manufacturing smartphones to manufacturing electric cars. The company unveiled its own modular EV platform in October 2020. Dubbed MIH, it features in-house-developed hardware and software, and is designed for both car and SUV body styles, Foxconn said at the time.
Earlier this year, Foxconn also entered into a joint venture with Fisker Inc. to build a sub-$30,000 EV, with a target launch date of 2023. The two companies have said this EV, codenamed Project Pear, will be built in the United States. However, Fisker’s first model—the Ocean crossover—will be built at Magna’s factory in Graz, Austria, using a platform designed by that company.
Foxconn has also invested in some Chinese automakers. It invested $350 million in Xpeng in 2018, and invested in troubled EV startup Byton earlier this year. Byton started pre-production of its M-Byte crossover in April 2020, but progress stalled due to cash shortages. The two companies said in January that the new goal is to start deliveries in the first quarter of 2022.