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Chinese automaker Geely, manufacturer Foxconn form EV-focused venture

Highlights

EV sales continue to go from strength to strength

Auto industry undergoing seismic change toward electrification

Tech industry starting to weigh in on action

London — Zhejiang Geely Holding Group and Foxconn Technology Group have inked a strategic cooperative agreement that will establish a joint venture aimed at building out their reach in the electric vehicle sector, the companies said Jan. 13.

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As the market share of EVs continues to grow, there is increased interest from the technology sector.

Earlier in 2021, there were reports that tech giant Apple and automaker Hyundai are looking to partner to bring EVs to market in the US by 2024.

Geely and Foxconn are aiming to provide automakers with consulting services that will assist the transition to "innovative and efficient manufacturing processes and business models based on CASE (Connected, Autonomous, Shared, and Electrified) technologies."

Each party will have an equal 50% stake in the JV. The board of directors will consist of five members; three from Foxconn and two from Geely.

Geely CEO Daniel Donghui said that the automotive industry was undergoing "profound changes. We must actively embrace change, build alliances, and synergize resources to create greater value for our users. Foxconn's professional capabilities, rich experience, and global layout in the ICT industry offer important insight for the transformation and evolution of the automotive industry."

EV adoption continues at pace

As global governments look to reduce carbon emissions in a quest for net-zero levels, one of the key pivots is likely to be the mass adoption of EVs.

Sales of EV passenger cars in Norway in 2020 rose 27.3% year on year to 76,804 units, or a 54.3% share of overall passenger car sales, according to the latest statistics from the Norwegian Road Federation, or OFV.

EV sales in the UK continue to go from strength to strength, giving adoption a bullish narrative, but price remains a real barrier to entry for many, according to data highlighted by driving services group RAC.

Figures published Jan. 6 by the UK's Society of Motor Manufacturers and Traders showed that the UK new car market fell by 29.4% in 2020 amid the COVID-19 pandemic, with annual registrations dropping to 1.63 million units. However, demand for battery EVs grew by 185.9% to 108,205 units, while registrations of plug-in hybrids rose 91.2% to 66,877 units.