Apple Inc’s AAPL Taiwanese supplier Foxconn, trading under the name Hon Hai Precision Industry Co, Ltd Group HNHPF is in talks to fund Chinese electric vehicle startup Byton Ltd, reports Bloomberg.
What Happened: Foxconn plans to pump $200 million in Byton with hopes of starting mass production of its Byton M-Byte model in the first quarter of 2022. An official announcement of this agreement is expected to be released on Monday.
According to Bloomberg’s sources, Foxconn is also reaching out to other Chinese EV makers for potential collaboration opportunities.
Why Does It Matter: In mid-October, the Foxconn Chairman Liu Young-way disclosed plans to diversify the company's global investments by venturing into the electric vehicles segment, digital health, and robotics business.
Related News: Apple Working On Self-Driving Vehicle Similar To Tesla With TSMC: Report
Foxconn’s plans to diversify business were evident early in the year when Fiat Chrysler Automobiles NV FCAU announced a potential collaboration in the form of a joint venture. As part of the discussions, Foxconn and Fiat Chrysler would create a joint venture dedicated to the development and manufacture of electric vehicles in China.
Price Action: HNHPF stock was $6.63, 1.04% lower on Thursday’s close.
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