Apple supplier Foxconn to build electric vehicles with Byton

Foxconn was the world's largest provider of electronics manufacturing services

Foxconn was the world’s largest provider of electronics manufacturing services

Hon Hai Precision Industry (TW: 2317 ) Co, Ltd (OTC: HNHPF), a Taiwanese company also known as Foxconn (TW: 2354 ), has entered into a strategic partnership with Chinese electric vehicle startup Byton, the latter announced on Monday. Monday.

What happened: Foxconn, a supplier to Apple Inc (NASDAQ: NASDAQ: AAPL ), signed the framework cooperation agreement on Monday and will work with Byton to accelerate production of the Chinese company’s first model, the M-Byte, for the first quarter of 2022.

Foxconn Technology Group Chairman Young Liu said the agreement was a “demonstration of our commitment to transforming the traditional auto industry.”

“The partnership with Foxconn will provide us with deep resource and precision manufacturing expertise, enabling us to deliver on the promise of delivering a next-generation smart mobility experience,” explained Ding Qingfen, Co-CEO of Byton.

Why It Matters: Foxconn is also said to be exploring collaboration opportunities with other Chinese electric vehicle manufacturers. Bloomberg had previously reported on Foxconn’s plans to invest about $ 200 million in Byton.

The Taipei-based company has plans to supply components and services for at least 10% of the world’s electric vehicles, according to Foxconn president Liu Young-way.

The price movement: Shares of Hon Hai OTC closed 9.19% higher at $ 7.24 on Monday.

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