The emergence of cloud-based technologies has been transforming manufacturing industries over the last decade; however, their application in process modelling and finite element simulations is still limited. With the development of new hot stamping technologies, comprehensive knowledge of forming process phenomena is essential for their implementation, yet this knowledge is not readily accessible. In this paper, the development of a novel technique known as Knowledge Based Cloud-Finite Element (KBC-FE) simulation is described. KBC-FE is a research-oriented sheet metal-forming simulation technique that operates on an online platform. It was developed to facilitate the computation of advanced predictive models and to provide advanced functionalities to research institutions as well as industry. By making the relevant knowledge accessible, the technique enables multiobjective simulations, comprised of individual advanced functional modules each with their own speciality in the field of hot stamping of sheet metals, for rigorous analyses of different processes and for process optimisation. The capability of multiobjective FE simulations is demonstrated through the case study of a hot-formed U-shaped component, where multiple aspects of a part formed at elevated temperatures were examined. The advanced functional modules 'Formability', 'Tool Maker', and 'Tailor' were used to predict formability, die quenching efficiency, and post-form strength respectively.