InvestorQ : Is it true that Apple’s partner, Foxconn is investing in a Chinese EV maker?
shrinidhi Rajan made post

Is it true that Apple’s partner, Foxconn is investing in a Chinese EV maker?

Answer
image
1 month ago
Follow

Foxconn, based out of Taiwan, is currently in talks to invest $200 million in Byton, which is a Chinese electric vehicle manufacturing start-up. It may recollected that Foxconn is one of the largest outsourcing partners for Apple of the US and this marks the diversification of Byton into automobile space; with focus on sustainable and green technologies.

Foxconn may get to mass produce Byton’s M-Byte car and an announcement is expectedly shortly on these lines. The Byton has some unique feature in that it can run 550 KM with a single charge at peak speed of 190 KPH. The battery can also charge up to 80% in just 35 minutes. However, Byton has struggled to make the concept car and this could be a boon.

Foxconn gets a more diversified portfolio and it reduces its massive dependence on Apple, which accounts for over 55% of revenues. It may also look to prospect work for the proposed self-driving car proposed by Apple, so it is synergies both ways. Incidentally, the Foxconn group also supplies parts to carmakers like Tesla. Byton was founded by former managers of BMW.

1 Views