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Share Name Share Symbol Market Type
Stellantis NV BIT:STLA Italy Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.008 -0.06% 12.42 12.434 12.44 12.766 12.29 12.482 9,393,955 16:35:56

Stellantis, Foxconn Launch Software-Focused Vehicles JV -- Update

18/05/2021 12:43pm

Dow Jones News


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--Stellantis, Foxconn set up joint venture Mobile Drive

--Mobile Drive will operate as automotive supplier, supplying software and related hardware for Stellantis and other auto makers

--Partnership will focus on information and entertainment systems, telematics and cloud service platform development

 

By Mauro Orru

 

Stellantis NV and Apple Inc. supplier Foxconn Technology Group have agreed to establish a vehicles joint venture with a strong focus on software that will bid for contracts with Stellantis as well as other auto industry players.

The auto maker, created through the merger of Fiat Chrysler Automobiles NV and Peugeot SA, said Tuesday that it has signed a nonbinding memorandum of understanding with Foxconn, formally known as Hon Hai Precision Industry Co., and its subsidiary FIH Mobile Ltd.

The evenly-split joint venture between Stellantis and Foxconn, dubbed Mobile Drive, represents an effort by the two companies to accelerate the development of in-vehicle user experiences based on advanced consumer electronics.

Netherlands-based Mobile Drive will operate as an automotive supplier and bid to supply software and related hardware for Stellantis and other auto makers.

"Software is a strategic move for our industry and Stellantis intends to lead with Mobile Drive--a company that will enable the swift development of connectivity features and services that mark the next great evolution of our industry, just as electrification technology has," Stellantis Chief Executive Carlos Tavares said.

Foxconn had previously partnered with Fiat Chrysler on electric vehicles, before the latter merged with Peugeot.

The partnership with Stellantis will focus on information and entertainment systems, telematics and cloud service platform development with software including applications based on artificial intelligence and 5G technology.

"The vehicles of the future will be increasingly software driven and software defined. Customers today and, in the future, demand and expect ever increasing software driven and creative solutions to connect the drivers and passengers with the vehicle inside and out," Foxconn Chairman Young Liu said.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

May 18, 2021 07:28 ET (11:28 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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