Fiat Chrysler in talks with Foxconn over JV

Fiat Chrysler Automobiles said on Friday that it is in talks with electronics group Foxconn over the creation of an equal joint venture to develop and manufacture new generation battery electric vehicles in China and engage in the Internet of Vehicles business.

"The proposed cooperation, initially focused on the Chinese market, would enable the parties to bring together the capabilities of two established global leaders across the spectrum of automobile design, engineering and manufacturing and mobile software technology to focus on the growing battery electric vehicle market," FCA said in a statement.

The companies are in the process signing a preliminary agreement which will govern further discussions aimed at 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," FCA said.