Foxconn recently announced that the company and Flat Chrysler Automobiles will set up a joint venture in China, the Central News Agency reported on January 16. Foxconn and Flat Chrysler Automobiles are reportedly to each hold 50% stake in this new JV, which will be located in China to initially tap local EV market demand and will be slated for exports in the future. The new JV will be dedicated to developing and producing pure electric vehicles by sharing their proprietary technologies in automobile design, mechanical engineering, production and manufacturing, and mobile software, while operating IoV (Internet of Vehicle) businesses together. This decision is aligned with Foxconn’s future bets on electric vehicles, smart medical care, and robotics.