Foxconn Moves to Become the "Foxconn of Autos" in New Deal With Geely

Taiwan's Hon Hai Precision Industry (OTC: HNHPF), better known as Foxconn, the firm that assembles Apple's iPhones, has formed a joint venture with Chinese automaker Geely Automobile Holdings (OTC: GELYF) aimed at making cars for other companies. 

The deal, announced on Wednesday, builds on Foxconn's recent interest in autos and Geely's efforts to raise its global profile with technology alliances. 

The joint venture will provide engineering and consulting services, manufacturing, access to Geely's electric-vehicle (EV) supply chain, and advanced driving technologies to "global automotive enterprises," the two companies said in a statement. 

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Source Fool.com