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FCA: confirms talks with Foxconn on electric vehicles

( - Fiat Chrysler Automobiles confirmed that it is in talks with China's Foxconn to set up a joint venture to make new generation battery electric vehicles.

The project - which could also include Internet of Vehicles (IoV) technology - would initially focus on the Chinese market, the companies said.

FCA and Foxconn said they are in the process of signing a preliminary agreement which will govern further discussions before reaching final binding agreements in the next few months.

"There is however no assurance that final binding agreements will be reached or will be reached in that timeframe," they noted in a short statement.

The FCA share was up 0.5% this morning on the Milan Stock Exchange.

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