Slideshow ( 4 images )MILAN (Reuters) -Carmaker Stellantis and iPhone assembler Foxconn said on Tuesday they plan to create a joint venture to supply in-car and connected-car technologies across the auto industry.
The two companies have signed a non-binding memorandum of understanding to form Mobile Drive, a 50-50 joint venture based in the Netherlands, focused on infotainment, telematics and cloud service platform development.
The software developed will include artificial intelligence-based applications, 5G communication, upgraded over-the-air services, e-commerce opportunities and smart cockpit integrations, they added.
Finalisation of that deal was delayed by merger talks between Fiat Chrysler and France’s Peugeot maker PSA, which led to the creation of Stellantis, the world’s fourth-largest carmaker, at the start of this year.
Milan-listed shares in Stellantis were up 1.5% by 1013 GMT, slightly outperforming Milan’s blue-chip index.
Fiat Chrysler, Hai Precision Industry, France’s Peugeot, PSA, Milan
MILAN, Netherlands, Stellantis, China