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.
