Carmaker Stellantis and iPhone assembler Foxconn said on Tuesday they planned to build a partnership to supply automotive technology and connected vehicles across the automotive industry.
The two companies have signed a non-binding memorandum of understanding for Mobile Drive, a 50-50 joint venture based in the Netherlands, focusing on the development of infotainment, telematics, and the use of a cloud platform.
Mobile Drive will operate as a vehicle provider and participate in tenders to provide software and related hardware for Stellantis and other interested car manufacturers, the companies said in a joint statement.
The upgraded software will include non-smart applications, 5G connectivity, advanced aerial services, e-commerce opportunities, and smart cockpit integration, add.
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The partnership is less than expected by the market after Fiat Chrysler, now part of Stellantis, said last year they planned to form a partnership with Hon Hai Precision Industry, the Foxconn parent company, to build electric cars and improve internet cars in China.
The conclusion of the agreement was delayed by negotiations between Fiat Chrysler and French Peugeot manufacturer PSA, which led to the construction of Stellantis, the world’s largest car manufacturer, earlier this year.
Shares on Milan’s list in Stellantis were up 1.5% at 10:13 GMT (3:43 pm IST), slightly above Milan’s index of blue chip.
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