By Kate Yuan

(JW Insights) Nov 8 -- The leading Taiwanese company Foxconn established a new company in northern China's Tianjin with a registered capital of RMB30 million ($4.12 million) on November 3, continuing its strategic development in the smart automotive industry, according to Tianyancha, provider of Chinese corporation data and due diligence platform.

Named Tiantong Foxconn, the company’s business scope includes technical services, information system integration services, smart control system integration, manufacturing of automotive components and accessories, and sales of intelligent in-car devices, automotive spare parts, electronic components, and mechanical equipment.

Foxconn's parent company, Hon Hai Group, has been actively expanding into electric vehicle platforms and intelligent driving fields in recent years, and has formed the MIH platform alliance. Hon Hai has already launched EVs such as Model T and Model C, with the goal of capturing a significant market share globally in the future.