Foxconn will probably invest $200 million in troubled Byton

4 January 2021, 04:47:20

Bloomberg reports that Foxconn is allegedly in talks with Byton to invest around $200 million in the troubled China-based EV start-up. This investment should help Byton to start the production of the Byton M-Byte in Q1 of 2022.

Foxconn is mainly known as the company that assembles Apple's iPhones. In October, the company introduced its MIH open platform for EVs and even shared plans for a solid-state battery launch by 2024. Its most important client - Apple - is rumored to launch a self-driving car soon. With other brands that are in the smartphone and display business turning their heads to the EV market, it becomes pretty clear that there's a serious need for product portfolio diversification and the EV market is burdened with great expectations.

Byton investors include state-owned China FAW Group Corp. and CATL - the world's number 1 EV battery producer. The company had plans to launch the M-Byte in Europe in the first half of 2020 and to open around 20 Byton Places in key European cities. However, the Covid-19 crises made it even tougher for the start-up which ended 2020 struggling for funds.

The Byton M-Byte SUV was unveiled in September 2019. The model is planned to have two trims. The base one is equipped with a single rear-mounted electric motor with 200 kW (272 PS) of power and a 72 kWh battery for a range of 360 km or 224 miles (WLTP). The 4WD version features a 300 kW (408 PS) motor and a 95 kWh battery for a range of 435 km or 270 miles (WLTP). The charing interface will comply with the regional requirements and will be GBT / CCS1 or CCS2. The batteries will support DC charging of up to 150 kW and AC charging between 3.7 kW and 22 kW.

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