As an illustration of how quickly the global electric vehicle industry is heating up, Chinese companies are getting into the game with strategic partnerships and developing their own range of vehicle designs going beyond the traditional combustion engine.
Today’s news shows that Chinese manufacturer Foxconn will partner with a firm called Byton to make electric vehicles for tomorrow’s market. Just yesterday, we reported on a Western variant of this where the Fisker company announced details on its pending electric SUV, the Ocean, planned for European debut in 2024.
Reuters describes the industry trend this way: “By lowering manufacturing and the associated capital costs as a barrier to entry, contract assemblers could enable technology companies to focus on software and digital connectivity features that will define automotive competition in the coming years.”
Digging deeper into the Chinese model, it appears that various competitors, including Byton and another Chinese EV company called Xiaopeng, have invested in a Nanjing research and development firm in order to expedite the design of various electric vehicle models. Byton is turning to a European firm for charging station technology.
“Byton has forged a strategic partnership with Digital Charging Solutions (DCS) from Munich, the leading European e-mobility service provider,” reports Gasgoo. “Both parties will develop a fully integrated charging experience to enable hassle-free long-distance journeys for Byton’s users.”
Meanwhile, both Foxconn and Chinese retailer Alibaba have come together to invest in Xiaopeng’s business model. The recent disappearance of Jack Ma may or may not have some bearing on this aspect of the deal. In other news, Apple has announced its partnering with Fiat Chrysler in EV projects.
All of this reveals the depth of demand for electric cars, trucks and SUVs that no longer run on burning fossil fuels. To the extent that these vehicles can access solar-generated electricity, they will power green transport, starting now and building in the years to come. It’s something to fit into your forward-thinking portfolio strategy.
