This could save a struggling electric car startup. It is reported that one of the main suppliers of components Apple is in talks to buy the financially struggling manufacturer of electric vehicles.

 

 

According to a Bloomberg News report that quoted “people familiar with the matter,” Foxconn Technology Group is in talks to invest $ 200 million in Chinese electric vehicle startup Byton Ltd.

 

The funding injection is expected to help Byton start production of its M-Byte electric vehicle by the first quarter of 2022. Although this information is not confirmed, and the sources are not named.

Byton is one of a host of emerging Chinese electric vehicle manufacturers that are looking to become key players in the globalized market. However, Byton did not achieve the same success as competitors BYD, NIO and Xpeng.

 

In July 2020, Byton had to suspend production of its first electric car, the M-Byte, the concept of which was introduced a few years earlier. He also had to lay off non-essential staff as he was unable to get funding.

 

Credit: bitonbyton M-Byte is the company’s first electric car, but its production has been suspended due to financial problems.

While Foxconn and Byton have not commented on this potential deal, if it goes through, it will undoubtedly be a reliable lifeline for the electric car maker struggling to bring its vision to life.

 

Foxconn currently also supplies components to other electric car manufacturers, and Tesla is one of them.

 

With recent reports that Apple is also developing its own electric car , it will be interesting to see if Foxconn uses its position as one of the iPhone makers ‘ key suppliers to help it with its automotive adventures.

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