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Apple’s Supplier Foxconn May Fund Chinese EV Startup, Byton Ltd

By John F. Heerdink, Jr.

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.

Dow 30 component Apple (AAPL) has revolutionized personal technology with the introduction of the Macintosh in 1984. Today Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s four software platforms — iOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to “leaving the world better than they found it. To learn more about Apple (AAPL) and track its ongoing progress at Vista Partners Apple (AAPL), Coverage Page.

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(Read Original Story: Foxconn in Talks With Chinese EV Startup Byton for Funding in Bloomberg)


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