Hongteng Precision Technology (FIT, 06088.HK), a subsidiary of Foxconn, recently announced that it will build its first Middle East manufacturing base in Saudi Arabia through Smart Mobility, a joint venture with Saudi Arabia. It will mainly produce electric vehicle charging piles and plans to start construction in December this year.
On September 17, FIT Chairman Lu Songqing and Smart Mobility CEO Fahad bin Nawaf Al Saud (right) attended an event in Taipei, China.
Smart Mobility is a joint venture between FIT and Saudi family business Saleh Suleiman Alrajhi & Sons Co., in which FIT holds a 50% interest.
Smart Mobility CEO Fahad bin Nawaf Al Saud noted that one of Saudi Arabia’s goals is to electrify 30% of its vehicles by 2030.
FIT Chairman Lu Songqing said at the event in Taipei, China that the factory is expected to be put into production in 2026 and is an important measure for the group to expand the automotive field. At the same time, FIT's revenue from the automotive field is expected to reach US$700 million this year.
In fact, FIT had published an announcement on the Hong Kong Stock Exchange regarding the above-mentioned cooperation intention in October last year, but the announcement only stated that FIT would invest US$50 million in the joint venture through its Singapore subsidiary, without further details.
FIT has accelerated its deployment in the field of electric vehicle interconnection and charging in recent years. In 2023, the company acquired the German Prettl SWH Group and renamed it FIT Voltaira; in 2024, it completed the acquisition of the Auto-Kabel Group, further expanding its capabilities in automotive wiring harnesses and charging solutions.