TAIPEI – Foxconn and IDG Capital plan to raise $1.5 billion to seed startups in automotive technologies from self-driving AI to battery development, according to published reports.

As part of the plan, the firms will contribute 10% of the funds and will delegate executives to manage it.

The funding effort is reportedly in progress and targets efforts in China, Japan, and the US. Potential investment targets include Nio, an electric-car startup, and Sensetime Group.

The fund will run for up to seven years, according to reports.