Apple-supplier Foxconn plans to drive Byton electric car project with €164m
The interior of Byton's M-Byte electric vehicle, featuring a massive screen, is shown after the vehicle's unveiling during the 2019 CES in Las Vegas in 2019. Photo: REUTERS/Alexandria Sage
Apple-supplier Foxconn signed a strategic cooperation deal with embattled Chinese electric-vehicle startup Byton in a transaction that could mark a large bet by the iPhone assembler on the car-making business.
The companies, aided by the Nanjing Economic and Technological Development Zone, aim to start mass production of the Byton M-Byte by the first quarter of 2022. Foxconn, whose main listed arm is Hon Hai Precision Industry Co., plans to invest around $200m (€164m) in the venture.
