Taiwan’s Foxconn Technology and Yulon to develop electric cars together

15-Feb-2020 Intellasia | TaiwanNews | 6:02 AM Print This Post

Apple Inc. supplier Foxconn Technology and local carmaker Yulon Group have formed a joint venture to manufacture vehicles together, CommonWealth Magazine reported.

Foxconn, founded by tycoon Terry Gou, has long cherished a dream to make cars, the magazine said. Yulon was founded in the 1950s and has manufactured Nissan and Mitsubishi cars as well as its own brand Luxgen, with a market share in Taiwan only surpassed by Toyota.

The new joint venture, which has not received a name yet, includes a 51-percent share of NT$8 billion (US$266 million) from Foxconn and 49 percent worth more than NT$7.6 billion from Yulon.

Foxconn already has a project running planning electric cars with the Italian-American Fiat-Chrysler group (FCA).

According to CommonWealth, Yulon had been searching for years for more financial backing for its affiliate HAITEC, the research and development centre it founded in 2005.

The two companies would complement each other, Foxconn bringing the money and its rapid manufacturing capability, while HAITEC had the R&D and car production experience.



Category: Taiwan

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