Foxconn plans to send engineers to Byton to accelerate mass production of its first car

On the afternoon of January 22nd, Liu Yangwei, Chairman of Foxconn Technology Group, attended the Byton Motors General Meeting and delivered a speech through a conference call. 36 krypton quoted Byton insiders as saying that this was regarded as a signal within the company that cooperation has entered a substantive stage.

Liu Yangwei said in his speech that Foxconn’s goal is not only to make Byton a good brand, but to make Byton an important base for Foxconn’s electric vehicle industry to land in Nanjing in the future.

An employee of Byton Motors revealed that Foxconn will send more than 100 engineers to Byton's Nanjing plant to help Byton speed up mass production. At present, some personnel have entered Byton. According to previous plans, Byton plans to put its first model, the Byton M-Byte, into mass production in the first quarter of 2022. However, senior executives hope that with the help of Foxconn's talents, the mass production time will be advanced to the end of 2021 or the beginning of 2022.

On January 4, Byton Motors signed a strategic cooperation framework agreement with Foxconn Technology Group and Nanjing Economic and Technological Development Zone, announcing joint efforts to accelerate the mass production and manufacturing of Byton’s first model M-Byte, and strive to To achieve mass production of Byton's first model M-Byte before the first quarter of 2022. With the completion of the cooperation, Byton also received a US$200 million investment from Foxconn.

Since then, Byton Motors has launched a new round of financing. According to official sources, the new round of financing will be in the form of debt-to-equity swaps, and the current shareholders of Byton Motors will have the priority to claim. If the current shareholders are unclaimed, then seek financing from outside investors.

Byton is not the only chess piece for Foxconn in the field of new energy vehicles. Since 2020, Foxconn has been making frequent moves in the automotive field. It has successively reached cooperation agreements with Fiat, Yulon, Geely and other car companies, and invested in Ningde Times, the world's largest power battery manufacturer.

At the end of 2020, Apple was exposed to build cars, and Foxconn is one of the rumored aspects of foundry.