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.
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.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.