Foxconn Technology Group, a known supplier for Apple, is reportedly planning to invest in a Chinese electric vehicle startup called Byton. As a part of the deal, the investment will aid both Foxconn and Byton to expand further into the global automotive industry.
A media report states that Foxconn is in talks with Byton to invest approximately $200 million into the potential Tesla rival. One of the objectives of this venture is to begin the mass production of the Byton M-Byte crossover SUV by the first quarter of 2022. Reportedly, both companies are still keeping the project under wraps, but a public announcement is expected to take place next week.
Despite the development of an amazing concept Electric Vehicle (EV), Byton has been struggling to enter the car into the production phase due to limited resources. The report states that investment from the Apple supplier could be a major step forward for the Chinese EV maker.
With the EV revolution on the horizon, numerous tech-firms such as Apple, Sony, Zoox, Nuro, Waymo, NVIDIA, and many others are planning to invest in the automotive industry to branch out as parts suppliers or even automaker business.
The modern era has necessitated the use of technology in cars for them to be up to the safety and efficiency standards of the advanced automotive markets. Time will tell as to how many new players could contribute as the game changers for the global auto industry in days to come.