Fiat Chrysler Automobiles N.V. (MTA: FCA / NYSE: FCAU, 'FCA') confirmed today that it is in discussions with Hon Hai Precision Ind. Co., Ltd. (Foxconn) regarding the potential creation of an equal joint venture to develop and manufacture in China new generation battery electric vehicles and engage in the IoV (Internet of Vehicles) business.
The proposed cooperation, initially focused on the Chinese market, would enable the parties to bring together the capabilities of two established global leaders across the spectrum of automobile design, engineering and manufacturing and mobile software technology to focus on the growing battery electric vehicle market. The parties are in the process of signing a preliminary agreement which will govern further discussions aimed at reaching final binding agreements in the next few months. There is however no assurance that final binding agreements will be reached or will be reached in that timeframe.
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