FCAU

Fiat Chrysler Automobiles N.V.

13.2700
USD
-1.26%
13.2700
USD
-1.26%
12.1100 16.6900
52 weeks
52 weeks

Mkt Cap 20.80B

Shares Out 1.57B

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Fiat Chrysler and Foxconn Are Now on Tesla’s Tail

What do you get when you mix the maker of Jeep, Dodge, Maserati and Alfa Romeo with the maker of iPhones?

Possibly the next big electric vehicle manufacturer to give Tesla (TSLA) - Get Report a run for its money.

Fiat Chrysler Automobiles (FCAU) - Get Report is officially teaming up with Taiwanese iPhone and electronic-components maker Foxconn Technology Group.

Foxconn confirmed on Friday that it is working with the Italian-American carmaker to "explore the possibility" of forming a joint venture to produce electric vehicles.

More relevant for Tesla, however, is that it puts another potential competitor on the circuit – one with lots of different brands, models and designs to choose to put batteries into.

Other carmakers including Volkswagen (VLKAF) , Ford (F) - Get Report and GM (GM) - Get Report already have either produced or announced plans to produce EVs in China and elsewhere.

But Tesla is taking it all in stride. The company last month cut the ribbon on its Shanghai Gigafactory that is now churning out both battery cells and Model 3s.

And there will be no shortage of demand for electric vehicles in China, thanks to the government’s push to convert one fifth of all cars that consumers buy to some form of electric or hybrid by 2025.

Nio (NIO) - Get Report , another Shanghai-based electric-vehicle maker, is set to receive $1 billion from state-owned auto maker GAC Group, which will cover its 2020 cashflow needs.

Will Fiat Chrysler and Foxconn make a dent? Read more at Fiat Chrysler and Foxconn are Looking to Jolt Tesla.


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