Fiat Chrysler in talks with Foxconn over JV

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Employees at a Foxconn facility in Shenzhen, China.

Hon Hai and its subsidiaries will hold a 50% stake in the venture, and Fiat Chrysler will hold the rest, the Taiwanese company said in an exchange filing.

The contract will be signed this quarter.

Ambitious in his approach, Liu said that he aims to capture up to 10 percent of the market share in the electric-vehicle industry by 2025, or US$130 billion, as well as the digital health and robotics industries, through investments of about NT$10 billion per year over the next two to three years.

"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".

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"Hon Hai will be responsible for design, components and supply chain management", Chairman Young Liu told Bloomberg News in a text message, adding that the company will not get into vehicle assembly.

While Chinese consumers buy more electric vehicles than anywhere else in the world, sales have slumped since the government pared back subsidies amid a broader downturn in market demand.

Mercedes Benz of Daimler AG has joint ventures for electric vehicles with BYD Auto, one of the world's largest manufacturers of battery-powered vehicles, and its competitor Geely Holding, best known overseas as the owner of Swedish Volvo Cars.

Hon Hai and Fiat Chrysler are focusing on the Chinese market because of sheer volume, the executive said.

Foxconn has been investing in a variety of future mobility ventures for several years, including Didi Chuxing, the Chinese ride-hailing equivalent of Uber, and Chinese electric vehicle startups Xpeng and Byton.

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Foxconn also has invested in Chinese battery giant CATL and a variety of other mostly Chinese transportation tech start-ups. -Italian automaker said Friday.

The deal, which is expected to be completed by the second half of 2020, will jumpstart Great Wall's plans to build and sell cars in India and bring to an end GM's manufacturing operations in the country. "Entering the Indian market is an important step for Great Wall Motors' global strategy", Liu Xiangshang, vice president, global strategy at the Chinese automaker said.

The Chinese government has a credit-based system that encourages auto manufacturers to sell electric vehicles, leading to an increase in brands.

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