Apple supplier Foxconn Technology is in talks to invest in embattled Chinese electric-vehicle start-up Byton in a deal that could mark a large bet by the iPhone assembler on the car-making business.
Foxconn, whose main listed arm is Hon Hai Precision Industry, 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, saidone of the sources , who declined to be named. An announcement on the pact could come as early as Monday, according to the sources.
The deal, if finalised, would represent a lifeline for Byton, which is struggling to produce its first vehicle after having unveiled its M-Byte concept car several years ago. Foxconn, based in Taiwan, is also talking to other Chinese electric car makers on potential collaborations, another source said.
Foxconn representatives didn’t immediately respond to requests for comment. Byton declined to comment.
Tech companies are increasingly pouring money into developing next-generation cars, including all-electric vehicles and the smart technologies that go with them like autonomous driving and car-to-car communication systems. Foxconn is the single most important production partner for Apple, which is reportedly considering developing a self-driving car of its own. Foxconn is also seeking to diversify a business that depends on the US smartphone giant for half of its revenue.
In early 2020, Hon Hai announced a plan to form a joint venture with Fiat Chrysler to develop and make electric vehicles in China, though it would not be involved in any assembly itself.
In October, the Taiwanese company unveiled its first electric vehicle chassis as well as an open software platform that is aimed at helping EV makers deliver models to the market faster. It will start shipping its first developer kit in April. The Foxconn group has been supplying parts to other major car makers including Tesla.
“The electric vehicle-related business will be very good in the first half of 2021,” Hon Hai chairman, Young Liu, said at a company event in Taipei last month.
Byton, one of the highest-profile Chinese EV start-ups, had a tough 2020. It suspended all domestic operations and furloughed staff in July after the coronavirus pandemic made it tougher to get its business off the ground. Even before Covid-19 the company had encountered difficulties meeting deadlines on producing and delivering its first model. The company’s website still accepts reservations for cars.
Founded by former BMW managers, Byton, initially named Future Mobility Corporation, had about 1,000 employees in China as of June and about 500 elsewhere, including the US. Its investors include state-owned China FAW Group and EV battery maker Contemporary Amperex Technology, which supplies batteries to Tesla.
Byton was planning to enter North America and Europe around mid-2020, former chief executive Daniel Kirchert, also one of the company’s co-founders, said in early 2019. The company would consider an initial public offering after new financing and production begins, he said at the time.
The M-Byte SUV can reach 80 per cent of full charge in about 35 minutes and has a top speed of 190 kilometres an hour. It has a range of up to 550 kilometres, according to specs on Byton’s website.
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A list of the animal rescue organisations in the UAE
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
Company%20profile
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Brief scores
Day 1
Toss England, chose to bat
England, 1st innings 357-5 (87 overs): Root 184 not out, Moeen 61 not out, Stokes 56; Philander 3-46
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
SHAITTAN
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Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
