THE Taiwan-funded electronics manufacturer, Foxconn, which has large factories in Shenzhen, has signed a strategic cooperation deal with Tencent, the biggest Internet company in China, to develop an intelligent electric car, Shenzhen Economic Daily reported yesterday.

    They will team up with the Zhengzhou-based auto dealer, China Harmony Auto Holding Ltd., taking advantage of Tencent’s expertise in the Internet industry, Foxconn’s manufacturing technology and Harmony’s experience in selling upscale cars, according to the newspaper.

    Five years ago, Foxconn’s parent company, Hon Hai Technology Group, started supplying components to American e-car maker Tesla, which led the company to make inroads into the electronic vehicle market, the paper said.

    Foxconn became the second largest shareholder of Harmony on Dec. 21 last year. Ten days later Harmony announced its acquisition of Green Field Motor in Zhejiang Province.

    Listed in Hong Kong, Harmony mainly engages in selling luxury cars.

    Green Field Motor was established with an investment of 2.8 billion yuan (US$448 million) in June 2010. It cooperates with more than 110 auto component suppliers and seven domestic auto makers.

    It’s predicted that Tencent and Foxconn’s first electric car will be completed by Green Field Motor and that it will sell for less than US$15,000, the paper said. (Martin Li)