For years, Foxconn has remained one of the top providers of manufacturing services to the electronic industry. Apple is one of the prominent companies which acts as a supplier too and has been associated with for a long time. Now, Foxconn is all set to take giant strides in automobile manufacturing and assembling space. The company has signed an agreement with Bytcon, an electric vehicle automotive company based in China, and has taken upon the responsibility to manufacture the first car that will be sold under the Bytcon brand.
According to a report by Bloomberg, Foxconn has aside an amount of $200 million to invest in this venture. The companies will jointly embark upon the production of an electric SUV titled Byton M-Byte in early 2022.
Byton’s journey as an automotive brand
Ever since its inception in March 2016, Byton has grown quite steadily and managed to make its presence felt in a highly competitive market. While it has many successful ventures and projects to its credit, it suffered a minor blow a while back when it failed to deliver on its promise of launching the M-Byte in 2020. Now, the company has decided to take things slow and work with a more experienced partner to bring their vision to life. The partnership between the two companies also hints at Foxconn getting deeper into the electric vehicle market.
One of the major credentials of Foxconn is it being one of the major forces behind the production of the iPhone. It has put its weight behind several other devices launched by Apple and is, therefore, widely renowned for its long-standing association with the tech giant.
Is Apple trying to enter the automobile sector?
Around six years back, there were rumors about Apple getting into the automobile sector and coming up with a car that would, like all Apple products, boast of high-end technology and premium features. According to certain reports, Apple has been working towards developing a technology that it would want to be utilized in the vehicles manufactured by it since 2014. Project Titan is the moniker under which all the work in this direction is happening. While it is difficult to estimate a date, Apple is expected to roll out its range of vehicles soon.
There were also reports of Apple collaborating with several hardware-providing companies to develop a high-end battery, among other things, that would form a part of the vehicles it will be launching under its brand name. There is no clarity on whether Apple will produce commercial cars or start with a niche segment of vehicles.
While there is no news of Foxconn being involved in the development of the ‘Apple Car’, the long-standing association that the company has had with Apple makes one feel that it will be associated with the company on this major venture as well.