PIF in talks with Taiwan’s Foxconn to create JV for electric cars

Logo of PIF

The Public Investment Fund (PIF) is in talks with Taiwanese firm Foxconn Technology Group to establish a joint venture (JV) to manufacture electric vehicles (EVs), through a new entity named Velocity, Bloomberg reported, citing sources.

PIF will be the largest shareholder in the new entity, and Foxconn will retain a minority stake, and will provide software, electronics and electrical architecture for new EVs. The JV is looking to assemble EVs on a chassis licensed from BMW AG. The parties aim to sign a deal by the end of this year, according to one of the sources, although no final decisions have been made and the plans could still change.