Photo: Foxconn
Foxconn teams up with Saudi Arabia's Public Investment Fund to build electric cars under the new brand Velocity. The platform is said to come from BMW, while the electronics giant will provide software, electronics, and the electric architecture.
These days, everybody wants in the electric car business. Everybody except established car manufacturers, that is. Success stories like Tesla, NIO or maybe Rivian (finger crossed) drive the segment, and new players announce their projects every day. Best in line to get to the EV Nirvana are electronics producers. No wonder that news about future car producers like Xiaomi or Foxconn raise an eyebrow.
As far as Foxconn is concerned, the electronics giant already announced an entire range of electric vehicles, although their naming scheme might not go well in Chicago. Not content with producing his own cars, Foxconn announced a partnership with Saudi Arabia's Public Investment Fund to help the Gulf country produce their own electric cars. The move is said to help the oil-dependent country diversify its economy, away from fossil fuels.
According to Automotive News, Saudi Arabia’s Public Investment Fund will create a new car brand under the name of Velocity. The fund, which manages about $450 billion of assets, will be the majority stakeholder in the joint venture with Foxconn. The Taiwanese giant will provide software, electronics, and the electric architecture for the new EVs, while being the minority stakeholder.
Although Foxconn is well underway with its electric vehicles plans, the cars produced in Saudi Arabia will have little in common with its own models. To be precise, the future EVs will be built on a platform licensed from BMW. This is not the first time the Bavarians lend their technology to other companies. In fact, not long ago, Vietnam’s VinFast has manufactured its SUV on a platform derived from that of the BMW X5.
Both Foxconn and Saudi Arabia’s PIF are yet to officially confirm the partnership, but sources claim a deal is expected by the end of the year. Yet, no final decision has been made, and plans could still change at any moment.
As far as Foxconn is concerned, the electronics giant already announced an entire range of electric vehicles, although their naming scheme might not go well in Chicago. Not content with producing his own cars, Foxconn announced a partnership with Saudi Arabia's Public Investment Fund to help the Gulf country produce their own electric cars. The move is said to help the oil-dependent country diversify its economy, away from fossil fuels.
According to Automotive News, Saudi Arabia’s Public Investment Fund will create a new car brand under the name of Velocity. The fund, which manages about $450 billion of assets, will be the majority stakeholder in the joint venture with Foxconn. The Taiwanese giant will provide software, electronics, and the electric architecture for the new EVs, while being the minority stakeholder.
Although Foxconn is well underway with its electric vehicles plans, the cars produced in Saudi Arabia will have little in common with its own models. To be precise, the future EVs will be built on a platform licensed from BMW. This is not the first time the Bavarians lend their technology to other companies. In fact, not long ago, Vietnam’s VinFast has manufactured its SUV on a platform derived from that of the BMW X5.
Both Foxconn and Saudi Arabia’s PIF are yet to officially confirm the partnership, but sources claim a deal is expected by the end of the year. Yet, no final decision has been made, and plans could still change at any moment.
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