Geely group & Foxconn joins venture to provide OEM and customized consulting services to Automakers.
- New JV to help the automotive industry transition to new innovative and efficient manufacturing processes and business models based on CASE technologies
- Each party to hold an equal 50% stake in the new joint venture.
Another exciting news from Geely to Nigeria and the Automobile world at large
This January 2021, Zhejiang Geely Holding Group (Geely Holding) and Foxconn Technology Group (Foxconn) signed a strategic cooperation agreement that will establish a joint venture company to provide OEM production and comprehensive customized consulting services relating to whole vehicles, parts, intelligent drive systems, automotive ecosystem platforms, electric vehicle industry value chain, etc. to global automotive enterprises.
While each party holds a 50% stake in new the joint venture, the board of directors will consist of five members with Foxconn appointing three including the Chairman and Geely Holding appointing two.
Mikano International, as Geely partner, is proud to share this news as this new joint venture will revolutionize the automotive industry model by introducing the Information and Communication Technology (ICT) division of labor to help automakers accelerate their transition to new innovative and efficient manufacturing processes and business models based on CASE (Connected, Autonomous, Shared, and Electrified) technologies; Nigeria is one of the beneficiaries!
Li Shufu, Chairman of Geely Holding Group, attended and witnessed the digitally held signing ceremony with An Conghui, President of Geely Holding Group, President and CEO of Geely Auto Group, who signed the agreement on behalf of the Group
Terry Gou, Founder of Foxconn attended and witnessed the digitally held signing ceremony with Young-way Liu, Chairman of Foxconn who signed the agreement on behalf of the company
Confirming the potentials from this venture, Young-way Liu, Chairman of Foxconn Technology Group said:
“This alliance between Geely Holding and Foxconn represents a milestone in cooperation between the automotive industry and ICT industry.
Bringing to the table Foxconn’s globally leading R&D technologies, intelligent manufacturing, and hardware-software integration capabilities, the two parties form a highly complementary partnership which allows us to better serve and meet the diverse needs of different customers, and offer the most advanced, fastest, cost-effective full value-chain vehicle production service platform”
Also sharing his confidence and assertion in the union, Daniel Donghui Li, CEO of Zhejiang Geely Holding Group said
“This cooperation between Foxconn and Geely is of great significance to both parties. The current global automotive industry is undergoing profound changes. We must actively embrace change, build alliances, and synergize global resources to create greater value for our end-users.”
Bringing fully on board the union, Geely Holding Group advantages in the automotive fields of design, engineering, R&D, intelligent manufacturing, supply chain management, and quality control while joining forces with Foxconn to develop together and explore new pathways for transforming, improving, and achieving high-quality development of the manufacturing industry.”