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The Public Investment Fund (PIF) is in talks with Taiwanese firm Foxconn Technology Group to establish a joint venture (JV) to manufacture electric vehicles (EVs), through a new entity named Velocity, Bloomberg reported, citing sources.

 

PIF will be the largest shareholder in the new entity, and Foxconn will retain a minority stake, and will provide software, electronics and electrical architecture for new EVs. The JV is looking to assemble EVs on a chassis licensed from BMW AG. The parties aim to sign a deal by the end of this year, according to one of the sources, although no final decisions have been made and the plans could still change.

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