Taiwanese firm Foxconn has entered a take care of Chinese language electric-vehicle startup Byton and the Chinese language authorities’s Nanjing Financial and Technological Improvement Zone, which might see it to take a extra direct position in automotive manufacturing.

The events will try to get buyer examples of Byton’s M-Byte battery-electric SUV into manufacturing by the primary quarter of 2022. Byton began pre-production of the M-Byte final April however bumped into money troubles by July and was forced to cease operations.

In 2018, Byton mentioned it deliberate to supply the M-Byte in america and mentioned the car would value about $45,000. It is not clear if these plans stay, nevertheless.

Citing an individual aware of the brand new deal, Bloomberg reported Monday that Foxconn will make investments round $200 million in Byton, in addition to provide its experience in manufacturing, procurement and operation administration.

Foxconn is already an investor of some rival Chinese language EV startups, including Xpeng, and the corporate is taking a look at doubtlessly extra collaborations in China, Bloomberg reported. In early 2020, the corporate additionally introduced plans for a three way partnership with Fiat Chrysler Cars regarding the manufacturing of EVs in China.

Foxconn is finest generally known as being a contract producer of digital items for purchasers corresponding to Apple, Amazon, Microsoft and Sony, however extra not too long ago the corporate has expanded to manufacturing digital elements for vehicles. Final October, the corporate unveiled its personal modular EV platform which it mentioned it could license to different companies.