Foxconn established a new energy company in Nanjing

Byton, which had been suspended for half a year, came to Foxconn when it went bankrupt. On January 4, Byton Motors, Foxconn Technology Group, and Nanjing Economic Development Zone signed a strategic cooperation framework agreement.

According to the content of the agreement, Foxconn will provide Byton Motors with manufacturing process, operation management experience, and industry chain resources to accelerate the mass production of Byton Motors’ first model M-Byte.

On January 13th, according to the company’s APP, Nanjing Futeng New Energy Automobile Technology Co., Ltd. was established. The legal representative is Chen Qingya and the registered capital is about 323 million yuan. This means that Byton will return to the track.

The business scope shows, including research and development of auto parts; manufacturing of auto parts and accessories, etc. It is wholly-owned by Hongfujin Precision Industry (Shenzhen) Co., Ltd., an affiliate of Foxconn.

Looking back on 2020, this new force car manufacturer that was named by CCTV as ‘burning out 8.4 billion yuan without mass-production’ collapsed due to funding problems.

As the company’s ‘third CEO’, Ding Qingfen was promoted from the previous chief affairs officer to Byton’s co-CEO, responsible for the restart of the project.

According to news,  the Proton car has been with the Foxconn Technology Group, the Nanjing Economic Development Zone signed a strategic cooperation framework agreement, the three will advance thanks to the Proton first model M-Byte mass production manufacturing work, and strive to this goal in the first 2022 Achieved before the quarter.

Currently, the specific amount of funds injected by Foxconn is still unclear. Previously, it was rumored to be 200 million US dollars (about 1.29 billion yuan), but this news has not been officially confirmed.

(Source)