Recently, major tech companies are investing further into the development next-generation cars, including all-electric vehicles and smart technologies. Reportedly, Apple Inc’s (AAPL) Taiwan based supplier Foxconn Technology Group is in talks to enter a deal with Chinese electric-vehicle startup Byton Ltd.
Byton, one of the highest-profile Chinese EV startups has had a rough last year due to a pandemic that led to the suspension of all domestic operations and furloughed staff in July. Foxconn, with his main listed arm Hon Hai Precision Industry Co., is expected to invest around $200 million in the deal and the companies aim to start mass production of the Byton M-Byte by the first quarter of 2022, as per reports. If the deal materializes would be a boom for Byton, which is struggling to produce its first vehicle after it unveiled its M-Byte concept car several years ago.
Foxconn, the single most important production partner for Apple is reportedly considering developing a self-driving car of its own. The company also is also seeking to diversify its business and revenue that depends on Apple Inc. for half its revenue.
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