Hon Hai Foxconnn currently holds 10.53% of stock ownership in China Harmony and is the second largest stockholder. China Harmony Auto’s primary stockholder is founder and CEO, Feng Changge, who holds a shares ratio of 65%, and whose headquarters are located in Zhengzhou, Henan.

China Harmony Auto is the largest automobile dealership group specializing in luxury brands in China. Currently it has a total of 46 retail shops and integrated large-scale after sales operations. China Harmony Auto sells brands including BMW, Lexus, Rolls Royce, Jaguar, Rover, Maserati, Ferrari, and Audi.

In addition, China Harmony Auto is the leading retailer in China of electric vehicles, including the BMW i3 and i8, and it provides after sales services for Tesla models.

Hon Hai stated that this investment will develop a new enterprise in collaboration with China Harmony Auto.

Recently, Hon Hai has been actively entering into the electric vehicle market and is said to have the intention of obtaining assembly orders from Tesla. Hon Hai is generally expected to be bullish on the electric vehicles or driverless car markets. In addition, China is expected to become the world’s largest market for electric vehicles, which is Hon Hai’s primary goal.