Foxconn and Stellantis to form new joint venture

The Netherlands-based entity will design and sell advanced automotive chips

Image credit: Canva

Taiwan's Foxconn and carmaker Stellantis (the parent company of Peugeot, Chrysler, Citroën, Opel and Dodge among others) have formed a joint venture called SiliconAuto to design and sell advanced automotive chips.

Here are some key points:

• The new entity will be headquartered in the Netherlands and aims to provide semiconductors for computer-controlled features and modules, particularly for electric vehicles.

• The companies expect sales to roll out in 2026.

• The shortage of semiconductors during the COVID-19 pandemic has led to increased demand, prompting tech companies like Foxconn to diversify manufacturing away from China.

• Stellantis reported an increase in EV sales and plans to have 47 all-electric models by the end of 2024.