Beijing — Apple supplier Foxconn Technology has signed a strategic co-operation deal with embattled Chinese electric-vehicle start-up Byton 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 on Monday. Foxconn, whose main listed arm is Hon Hai Precision Industry, plans to invest about $200m in the venture, a person familiar with the matter said earlier, declining to be identified discussing information that isn’t yet public...
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