Geely, Foxconn incorporate chip making joint venture

Beijing (Gasgoo)- Geely Holding and Foxconn’s Shenzhen subsidiary have co-established an automotive semiconductor manufacturing company, Shandong Fujikang Intelligent Manufacturing Co., Ltd. (Fujikang), according to corporate database, Qichacha.

Geely ZEEKR; photo credit: ZEEKR

Fujikang was registered on December 27th, with a registered capital of RMB100 million. Geely Holding and Futaihua Industry (Shenzhen) Co., Ltd. each owns 50% of Fujikang’s stake.

Earlier in 2021, Foxconn and Geely Holding have already signed a strategic cooperation agreement, announcing their decision to establish a joint venture, serving the global auto industry and mobility companies with manufacturing and customization.

According to Qichacha, the business scopes of Fujikang include intelligent onboard equipment manufacturing, intelligent control system integration, electric motor manufacturing, integrated circuit chip and products manufacturing, and industrial design services.

Judging from the joint venture’s authorized scopes of business, Geely might be creating its  own new energy vehicle supply chain, trying to minimize the possible influences caused by any supply crunch.

Notably, Foxconn is long overdue to make an independent foray into the automaking industry. In January 2021, the company showed interest in helping Byton in its car-making business, but the plan was stranded due to Byton’s worsening financial situation. The cooperation with Geely marked another attempt of Foxconn’s auto industry endeavor.