EVMAGZ
  • Home
  • News
    • Politics
    • Air Mobility
    • Software
    • Battery
    • Rumors
    • Charging
    • Electric Motorcycles
    • Commercial vehicles
    • Autonomous
    • Battery
    • Conversion
    • Sales
    • Concept
  • Brand
    • Tesla
    • Toyota
    • Hyundai
    • Ford
    • Polestar
    • Volkswagen
    • Honda
    • Toyota
    • KIA
    • Nissan
    • Lexus
    • Mercedes-Benz
    • BMW
    • BYD
    • Chevrolet
    • Fisker
  • China
  • Industry
  • Guide
  • Sport
    • Formula E
    • MotoE
  • Photos
  • Videos
No Result
View All Result
EVMAGZ
No Result
View All Result
Home News

Electric Vehicle Joint Venture Between Saudi Arabia and Foxconn

Linda Ma by Linda Ma
December 3, 2021
in News
281 3
1
Foxconn And Saudi Arabia Reportedly In Talks To Develop BMW Based Electric Cars - Electric Vehicle Joint Venture Between Saudi Arabia and Foxconn
136
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

Foxconn is reportedly in talks with Saudi Arabia to form a joint venture whose mission will likely be to construct electrical vehicles. The transfer might assist the oil-rich kingdom diversify its financial system because the automotive business strikes more and more away from inner combustion engines.

Saudi Arabia's Public Funding Fund will create a brand new entity named Velocity, which would be the majority stakeholder within the three way partnership, unnamed sources advised Automotive Information. Foxconn will present software program, electronics, and {the electrical} structure for the brand new EVs, however it'll stay a minority stakeholder within the challenge.

The outlet's sources added that the three way partnership might use a platform licensed from BMW to construct its EVs. As automakers have invested closely in growing new platforms to maintain tempo with the rising pattern in the direction of electrification, many have sought to offset the prices by licensing their platforms out. BMW additionally beforehand licensed out its X5 platform to Vietnam's VinFast.

Saudi Arabia has lengthy been keen on diversifying its financial system in an try to forestall itself from being too depending on oil. Establishing a home carmaking business has been a part of that plan, however these makes an attempt have to this point been unsuccessful.

The dominion's Public Funding Fund took a majority stake in Lucid Motors in 2018 to encourage it to arrange a producing website close to Jeddah. Bloomberg beforehand reported that it additionally employed Boston Consulting Group to discover methods to determine a home EV business. The Saudi fund can also be seeking to develop a battery manufacturing plant that's focusing on 15 gigawatt-hours of manufacturing per yr by 2028. The plant would offer batteries for Lucid and different producers that set up themselves in Saudi Arabia.

Foxconn, often called a key Apple meeting companion, additionally intends to enter the automotive sector, having unveiled three electrical ideas in October, and lately took over Lordstown Motors' Ohio plant as a part of a $280 million deal.

Tags: BMWFoxconnsaudi arabia
Share54Tweet34Pin12
Previous Post

Hennessey Develops $3 million Electric Hypercar, Using Six-Wheel Drive!

Next Post

Toyota with BYD will launch $30,000 electric small sedan in China

Comments 1

  1. Pingback: Saudi Arabia launches ‘Ceer’, the first own EV vehicle brand - EVMagz

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular

tesla cybertruck testing on fremont track 120x86 - Electric Vehicle Joint Venture Between Saudi Arabia and Foxconn

Tesla Cybertruck’s Acceleration Tested in New Video Amid Delivery Speculation

by Benedict Mcdaniel
September 23, 2023
0

volkswagen id 4 120x86 - Electric Vehicle Joint Venture Between Saudi Arabia and Foxconn

Volkswagen’s ID.4 EV Takes Drivers on a Spacelike Journey with Its Quirky Software Update Sounds

by Casper Benedict
September 25, 2023
0

YT 2025 Kia EV5 Scoop 120x86 - Electric Vehicle Joint Venture Between Saudi Arabia and Foxconn

2025 Kia EV5 Electric SUV Captured in Real-World Setting, Impressing with its Sleek Design

by Sibley Presley
September 22, 2023
0

cybertruck 120x86 - Electric Vehicle Joint Venture Between Saudi Arabia and Foxconn

Elon Musk Hints at “Next-Level” Performance Cybertruck in Latest Revelation

by Benedict Mcdaniel
September 23, 2023
0

Fisker Pear 1 1 120x86 - Electric Vehicle Joint Venture Between Saudi Arabia and Foxconn

Inside the Fisker PEAR: A Closer Look at Its Streamlined Interior with Tesla-Inspired Features and Innovative Practical Elements

by Michael Khan
September 22, 2023
0

Archives

Tags

Automotive Autonomous Batteries BYD Charging charging station China Commercial Vehicle company electric car electric motor Electric Truck electric vehicle electric vehicles Electrification Energy Europe Fast Charging Fleet Funding General Motors Germany Hybrid Hydrogen Hyundai infrastructure Invest lithium Lithium-ion Model Y North America platform Price Production Range Sales Software Specification Specifications Supply Chain Sustainable technology Truck United States Volkswagen

Menu

  • Home
  • About Us
  • Advertising
  • Support EVMagz
  • Newsletter
  • Privacy Policy
  • Cookie Policy

Categories

Friends

  • Energymagz
  • Smashfreakz
  • Teknowire
  • Tweggo

About Us

Welcome to EVMagz, your ultimate source for the latest news and updates on the electric vehicle industry, sustainable mobility, and green energy.

© 2023 By EVMagz

No Result
View All Result
  • Home
  • News
    • Politics
    • Air Mobility
    • Software
    • Battery
    • Rumors
    • Charging
    • Electric Motorcycles
    • Commercial vehicles
    • Autonomous
    • Battery
    • Conversion
    • Sales
    • Concept
  • Brand
    • Tesla
    • Toyota
    • Hyundai
    • Ford
    • Polestar
    • Volkswagen
    • Honda
    • Toyota
    • KIA
    • Nissan
    • Lexus
    • Mercedes-Benz
    • BMW
    • BYD
    • Chevrolet
    • Fisker
  • China
  • Industry
  • Guide
  • Sport
    • Formula E
    • MotoE
  • Photos
  • Videos

© 2023 By EVMagz

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In