RTTNews | Aug 25, 2021 03:14PM EDT

15:14 Wednesday, August 25, 2021 (RTTNews.com) - Auto group Stellantis N.V. (STLA) and Taiwanese electronics giant Hon Hai Precision Industry Co., or popularly known as Foxconn, Tuesday announced a new joint venture, called Mobile Drive.

Mobile Drive will focus on making "smart cockpit" for vehicles that will feature navigation, voice assistance and payment services.

Mobile Drive will be equally owned by Stellantis and Foxcon. The partnership has combined Foxconn's capabilities in ICT industry and smart solutions, with Stellantis' expertise in the automotive sector, ensuring the growth of Mobile Drive.

"Its roadmap of software innovations will include artificial intelligence-based applications, navigation, voice assistance, e-commerce store operations, and payment services integration, amongst others," the companies said in a joint statement.

Foxconn, whose key business is assembling Apple's iPhones, are trying to expand its portfolio by investing in the auto business.

Meanwhile, Stellantis, the Dutch automotive group formed in 2021 with the merger of Italian-American conglomerate Fiat Chrysler Automobiles and the French PSA Group, plans to invest 30 billion euros in electric vehicles and new software over the next four years. The group plans to have 39 electrified vehicle models available by the end of 2021. There are four EV platforms planned to be developed by the end of the 2020s.

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