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Foxconn Seals Manufacturing Deal With Chinese EV Startup Byton

  • Foxconn is said to consider investment of around $200 million
  • Duo plan to start mass production by first quarter of 2022
Chinese EV Startup Byton Opens New Showroom
Photographer: Qilai Shen/Bloomberg
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Apple Inc. supplier Foxconn Technology Group signed a strategic cooperation deal with embattled Chinese electric-vehicle startup Byton Ltd. 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, according to a statement Monday. Foxconn, whose main listed arm is Hon Hai Precision Industry Co., plans to invest around $200 million in the venture, a person familiar with the matter said earlier, declining to be identified discussing information that isn’t yet public.