Autos

Foxconn shares rally after it inks production deal with Byton

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A Byton M-Byte electric sports utility vehicle (SUV) is displayed at the CES 2020 event in Las Vegas, Nevada, U.S., on Sunday, Jan. 5, 2020.

Bridget Bennett | Bloomberg | Getty Images

GUANGZHOU, China — Apple iPhone maker Foxconn has signed a deal with Chinese electric carmaker Byton to help produce its first vehicle.

The move marks a big push by Foxconn into auto manufacturing as it tries to diversify its business beyond just assembling consumer electric products.

Foxconn, which trades Hon Hai Precision Industry Co. in Taiwan, saw its shares jump over 4% on Tuesday after they closed over 8% higher on Monday.

Byton, Foxconn and Nanjing Development Zone signed a strategic cooperation…



Source cnbc.com

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