Fiat Chrysler And Foxconn Have Decided To Enter Into Electric Vehicle Market

Fiat Chrysler And Foxconn Have Decided To Enter Into Electric Vehicle Market

Two big companies from different sectors are trying to create a good business by making a collaboration. Foxconn, which is Apple’s biggest supplier of electronic products, has joined the hands of partnership with Fiat Chrysler(FCA) to make electric cars for the Chinese market. Both big companies are going to target Chinese consumer market by making the most demandable electric vehicles. FCA will be handling the charge of manufacturing, and Foxconn would be the supplier of technology and software.

Experts reported that both companies’ officials are in talks with each other from the last few months, and the contract hasn’t been signed yet. The automobile industry of which FCA is part of is losing its significant share because of not utilizing proper technology. The Italian-American automaking company didn’t give that much importance to an electric vehicle when it was new. However, now since every other major car production company has entered into this sector, FCA remains behind.

A few months ago, a report came that FCA is trying to enter into the electric vehicle market in the market and deciding to collaborate with other startups or big companies also. However, big companies like GM, Ford, and Tesla are already ruling this industry in America, so FCA has no other option to target Chinese consumers. Tesla Inc is undoubtedly governing this sector with its many fascinating electric vehicles, and other big companies like GM and Ford have also decided to shift their core businesses to EV industry. 2018 was not suitable for the electric vehicle market because overall sales dropped by 6%, but the key to the future is still the EV industry. Many analysts predict that in upcoming decades traditional cars which run on diesel and petrol would become obsolete. Now to survive in such a market, FCA has smartly decided to collaborate with Foxconn, and only time will tell whether they would get any success in it.