Foxconn and Byton Sign An Agreement to Manufacture Electric Vehicles- PingWest

Foxconn and Byton Sign An Agreement to Manufacture Electric Vehicles- PingWest

Foxconn and Byton Sign An Agreement to Manufacture Electric Vehicles

January 5, 2021 9:25 am

Beijing (PingWest)-Apple supplier Foxconn, cash-strapped Chinese electric vehicle (EV) startup Byton, and the Nanjing Economic and Technological Development Zone have signed an agreement to focus on production of Byton’s 1st model M-Byte by q1 2022.  

Foxconn will provide expertise in advanced manufacturing technology, solid operational management experience and share industrial resources to support the production of the M-Byte.   

Young Liu, chairman of Foxconn said in a statement that the partnership with Byton will be a key part in Foxconn’s strategy in EV industry.

According to Reuters, the company last year announced plans to set up a joint venture with Fiat Chrysler to build electric cars and develop internet-connected vehicles in China. It has not made major announcement on the partnership since then.

Foxconn said in October it aimed to provide components or services to 10% of the world’s EVs by between 2025 and 2027.

Bloomberg reported earlier on Monday that Foxconn’s listed company Hon Hai Precision Industry Co plans to invest $200 million in Byton, citing an unidentified person familiar with the matter. Byton declined to comment on the investment.

Byton, which is backed by state-owned automaker FAW Group and battery supplier Contemporary Amperex Technology Co Ltd, was building a car factory in the eastern city of Nanjing before it suspended production from July to conduct a reorganization of the firm.

In March 2020, the Chinese EV startup has undergone a massive layoff, it has furloughed more than 200 workers at its North American headquarters in Santa Clara, California due to the coronavirus pandemic. The management team of Byton also reportedly took an 80% pay cut and use their own money to invest in Byton’s C round fundraising.

SHARE