. World News – AU – Apple supplier Foxconn plans to raise the Byton electric car project with 164 million. To advance euros

The interior of Byton’s solid-screen M-Byte electric vehicle will be shown after the vehicle was unveiled during CES 2019 in Las Vegas in 2019. Photo: REUTERS / Alexandria Sage

Apple supplier Foxconn signed a strategic cooperation agreement with the competitive Chinese electric vehicle startup Byton in a transaction that could represent a big bet by the iPhone fitter on the automotive business.

The companies, backed by Nanjing Economic and Technological Development Zone, plan to begin mass production of the Byton M-Byte by the first quarter of 2022. Foxconn, whose main branch is Hon Hai Precision Industry Co. . plans to raise around 200 million. USD (164 million. EUR) to invest in the company.

The deal could represent a lifeline for Byton, who is struggling to produce their first vehicle after unveiling their M-Byte concept car a few years ago.

Under the terms of the agreement, Foxconn will provide Byton with its advanced manufacturing technology, operations management expertise and supply chain resources. However, the Taiwan-based company is also talking to other Chinese electric car manufacturers about possible collaborations.

Tech companies are increasingly investing money in the development of next-generation cars, including all-electric vehicles and associated intelligent technologies such as autonomous driving and car-to-car communication systems.

Foxconn is the primary manufacturing partner for Apple, which is reportedly considering developing a self-driving car itself. Foxconn is also looking to diversify a business half of which depends on the US smartphone giant.

In early 2020, Hon Hai announced a plan to set up a joint venture with Fiat Chrysler to develop and manufacture electric vehicles in China, but it will not be involved in any assembly itself. In October, the Taiwanese company unveiled its first electric vehicle chassis, as well as an open software platform that enables EV manufacturers to bring models to market faster.

The first developer kit will be delivered from April. The Foxconn Group has supplied parts to other major automakers, including Tesla.

Bloomberg

Our Covid-free newsletter brings together some of the best parts of Irishexaminer. com as selected by our editor directly to your inbox every Monday.

A summary of the lunchtime content highlights on the Irish Examiner website. Delivered daily at 1 p.m..

Our Covid-free newsletter brings together some of the best parts of Irishexaminer. com as selected by our editor directly to your inbox every Monday.

Byton, Hon Hai Precision Industry Co. . , GmbH. , Electric vehicle, startup company, finance, China