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Nvidia, Foxconn Partner on Electric Vehicles!

Foxconn and  Nvidia’s to join forces on chips that help enable autonomous driving!

Nvidia Corp. is now increasingly betting on software and chips that underpin sophisticated driver-assistance systems.

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Graphics chip maker Nvidia Corp. NVDA – is partnering with electronics-component maker Foxconn Technology Group on electric vehicles, as both tech companies continue to push into the booming market.

The two companies on Tuesday announced the partnership, where Foxconn, a contract manufacturer best known for its work on Apple Inc. products, would produce electronic control units based on Nvidia’s Drive Orin system-on-a-chip, the central computer for intelligent vehicles.

Foxconn, formally known as Hon Hai Precision Industry Co., said that its manufactured electric vehicles will use Nvidia’s electronic control units and sensors that enable highly automated driving.

The partnership will allow both companies to help the industry meet growing market demand for electric vehicles while increasing their presence in the market.

The U.S. auto industry is in the midst of one of its biggest factory-building booms in years, fueled largely by the shift to electric vehicles, among other trends. The global auto industry plans to spend a collective $526 billion on electric vehicles through 2026, according to consulting firm AlixPartners.