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January 7, 2021

Foxconn to support Byton EV production

Chinese electric vehicle startup Byton has signed an agreement with iPhone maker Hon Hai Precision Industry Company which will allow it to begin commercial vehicle production in the first quarter of 2022.

By bcusack

Chinese electric vehicle startup Byton has signed an agreement with iPhone maker Hon Hai Precision Industry Company which will allow it to begin commercial vehicle production in the first quarter of 2022.

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Byton confirmed Taiwan-based Hon Hai, also known as Foxconn, has agreed to provide it with advanced manufacturing technology and operational expertise and will also make available its industrial resources, including its supply chain, to enable production of Byton's upmarket M-Byte SUV.

Hon Hai is a supplier of components to major global electric vehicle manufacturers including Tesla. Bloomberg earlier this week suggested Hon Hai had also agreed to invest US$200m in the struggling car company.

Byton unveiled a prototype of the M-Byte at the Frankfurt show in 2019 and began preproduction at its plant in Nanjing, Jiangsu province, along with safety tests in the first half of 2020. It was awarded a new energy vehicle production licence by the Chinese government in June 2020.

The company, founded by former BMW and Infiniti executives, was forced to suspend all operations in July 2020 due to financial problems compounded by the COVID-19 pandemic, which lead to the resignation of co-founder and former CEO Daniel Kirchert in October.

Among the company's existing investors are Chinese state-owned FAW Group and local EV battery maker CATL. 

Hon Hai chairman Young Liu said in a statement "the deal will allow us to contribute to the growth of the EV industry and is a demonstration of our commitment to the transformation of the traditional automotive industry".

Last year, Hon Hai announced a partnership with Fiat Chrysler to develop and make electric vehicles for China.

Free Report
img

What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
  Consult this report now to find out how you and your company can benefit from our Explorer platform.
by GlobalData
Enter your details here to receive your free Report.

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