Stellantis and Foxconn prepare to create a joint venture to supply in-car and connected-car technologies for the automotive industry, companies said on Tuesday.
The two companies have signed a non-binding memorandum of understanding to establish Mobile Drive, a 50-50 joint venture based in the Netherlands focusing on infotainment, telematics, and cloud service platform development.
Stellantis CEO Carlos Tavares said the partnership with Foxconn was one of the bricks in the company’s business plan, which is expected between the end of 2021 and the beginning of 2022
“It is a ‘must’ of our future strategic direction,” he added.
Stellantis Chief Software Officer Yves Bonnefont said the company decided to enter a joint venture with Foxconn mostly because they want to move fast and to access the best expertise available.
Mobile Drive will operate as an automotive supplier. It will be providing software systems and related hardware both to Stellantis and other automakers.
No details about financial figures related to the tie-up were disclosed.
