Foxconn in talk to build $9 bln facility in Saudi Arabia – Sources

Foxconn Technology Group is in talks to jointly build a $9 billion facility in Saudi Arabia where it could make semiconductors, electric vehicle components and other electronics, the Wall Street Journal reported citing people familiar with the matter.

The sources added that Saudi Arabia is reviewing an offer from the Taiwanese tech group to manufacture microchips in the Kingdom for electric vehicles, which is in line with Vision 2030.

The Public Investment Fund (PIF) will launch a new car brand under the name “Velocity” which will be a joint project with Foxconn. The platform of Velocity is said to come from BMW, while the electronics giant will provide software, electronics, and the electric architecture.