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05.01.2021

Foxconn inks production deal with Byton

Foxconn inks production deal with Byton

The deal comes at a time when the Chinese EV startup is struggling

Stocks impacted: Foxconn (2354), Byton

Chinese EV startup Byton has signed a manufacturing deal with iPhone-maker Foxconn, which could be worth around $200 million. In a deal, Foxconn will provide Byton with “advanced manufacturing technology, operation management expertise, and supply chain resources.” Foxconn plans to invest around $200 million and the companies aim to start mass production of the Byton M-Byte by the first quarter of 2022. The deal comes at a time when Byton is struggling, having unveiled its M-Byte concept car several years ago. Foxconn is also talking to other Chinese electric-car makers on potential collaborations. Foxconn stocks gained over 8% on Monday and rallied more than 4% on Tuesday.

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