Zhejiang Geely Holding Group (Geely Holding) and Foxconn Technology Group (Foxconn) signed a strategic cooperative agreement that will establish a joint venture company to provide OEM production and comprehensive customized consulting services for whole vehicles, parts, intelligent drive systems, automotive ecosystem platforms, electric vehicle industry value chain, among others to global automotive enterprises.

The new joint venture will revolutionize the automotive industry and will help automakers accelerate their transition to new innovative and efficient manufacturing processes and business models based on CASE (Connected, Autonomous, Shared, and Electrified) technologies. Geely Holding Group and Foxconn will each hold 50% of the venture. The board of directors will consist of five members: 3 from Foxconn and 2 from Geely Holding.

Li Shufu, Chairman of Geely Holding Group, attended and witnessed the digitally held signing ceremony with An Conghui, President of Geely Holding Group and President and CEO of Geely Auto Group, who signed the agreement on behalf of the company. Foxconn Founder Terry Gou, attended and witnessed the digitally held signing ceremony with Young-way Liu, Chairman of Foxconn who signed the agreement on their firm’s behalf.

Chairman of Foxconn Technology Group Young-way Liu said, “This alliance between Geely Holding and Foxconn represents a milestone in cooperation between the automotive industry and ICT industry. With 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. The partnership with Geely Holding does not just align with our company’s vision of “3+3=∞” which symbolizes the infinite possibilities created by Foxconn’s industrial advancement and emerging technologies, it will also result in tremendous change in the development of the automotive industry. I look forward to the great potential that this partnership will bring about.”

Meantime, Zhejiang Geely Holding Group CEO Daniel Donghui Li 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. 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. Geely Holding Group will give full play to its 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.”