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Apple tech maker Foxconn to build electric vehicles

A well-known manufacturer of various Apple devices, Foxconn Technology Group, is negotiating an investment in a Chinese startup called Byton. The deal will allow Foxconn to establish itself in the electric vehicle market and improve its financial performance.

Foxconn plans to invest about $ 200 million in potential rival Tesla, according to SCMP, and plans to begin mass production of the Byton M-Byte electric vehicle by the first quarter of 2022. The news has yet to be officially released at the moment, but the source claims the companies will announce the deal on Monday.

Apple tech maker Foxconn to build electric vehicles

The deal will allow Byton to finally launch its M-Byte electric vehicle. In addition, Foxconn Technology Group is also in talks with other Chinese EV makers about potential partnerships.

The move means Foxconn will soon no longer be considered only a key Apple partner. Today, many tech companies are increasing their investments in the development of next-generation vehicles, especially electric vehicles. An example is Huawei, which is developing a platform for smart cars under the HiCar brand.

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