Automotive supplier ZF and electronics maker Hon Hai Technology Group (Foxconn, best knows as contract assembler for Apple iPhones) completed the establishment of their joint venture this week.

The new JV is called ZF Foxconn Chassis Modules and will be for passenger car chassis systems.

The acquisitions of a 50% stake worth €1 billion (around $1.1 billion), in ZF Chassis Modules GmbH by Foxconn achieves a 50:50 partnership, which was agreed upon last July.

Dr. Holger Klein, Chairman of the Board of Management of ZF Friedrichshafen AG said:  ” This secures our presence in today’s growth segments and paves the way to engage in future markets.

Young Liu, Chairman and CEO of Foxconn said: ” Foxconn’s global network and supply chain management expertise will have a positive impact on the growth strategies of our two companies.”

ZF Foxconn Chassis Modules GmbH supplies global premium and volume manufacturers and is represented at 25 locations worldwide.

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The company employs approximately 3,800 people, almost 100 of whom are based in Germany. The division’s sales for 2023 amounted to roughly €4.3 billion ($4.7 billion).