Apple supplier Foxconn halts EV project with China's Byton - Nikkei
Reuters
Published Sep 14, 2021 23:51
(Reuters) - Apple (NASDAQ:AAPL) supplier Foxconn's electric vehicle project with Byton has been put on hold due to the Chinese startup's worsening financial situation, the Nikkei newspaper reported on Wednesday https://s.nikkei.com/2YOxvxg, citing unidentified sources with knowledge of the matter.
"The [Byton] project is not officially terminated yet, but it is very challenging to proceed at this moment," one of the sources told Nikkei Asia.
Foxconn said in January that the Apple assembler and the Nanjing Economic and Technological Development Zone had agreed to start building electric sport-utility vehicles in 2022 for Byton.
A few Foxconn employees are still stationed at Byton's factory, another source said, but "they are wrapping things up and preparing for the end when it becomes necessary."
Some higher-level talent involved in the project has even left Foxconn, the report added.
Foxconn's plans to build factories in the United States and Thailand to assemble entire vehicles in 2023 are intact, according to Nikkei.
Foxconn declined to comment, while Byton did not immediately respond to a request for comment.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.