Byton In Talks To Go Public With A SPAC Deal, Says Sources: Report

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  • Byton was launched in 2017 by Future Mobility Corp, a company co-founded by former BMW and Nissan Motor executives
  • The report added that last month, it bagged a deal to start making electric sport-utility vehicles with Foxconn and the Nanjing Economic and Technological Development Zone in 2022
partnership
Pic Source – Wallpaper Flare

As per a report by Reuters, Byton, backed by Apple assembler Foxconn, is in talks to go public through a merger with a special-purpose acquisition company (SPAC), people familiar with the matter told Reuters. The report added that two sources, who declined to be named as the talks were private, said that Byton, whose key shareholders also include China’s state-owned automaker FAW Group and EV battery maker CATL, is in talks with potential SPAC companies and investors about the listing and plans to go public as early as this year.

 Deal to start making electric sport-utility vehicles with Foxconn and the Nanjing Economic and Technological Development Zone

It added that Byton was launched in 2017 by Future Mobility Corp, a company co-founded by former BMW and Nissan Motor executives. It was building a car factory in the eastern city of Nanjing but suspended the plan in July to conduct a reorganisation of the company.

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The report added that last month, it bagged a deal to start making electric sport-utility vehicles with Foxconn and the Nanjing Economic and Technological Development Zone in 2022. One of the sources said that as a part of the agreement, Foxconn will invest $200 million into the SUV research and production project. It will help build supply chain for the EV production that plans to lower car manufacturing costs.

The report added that Foxconn, formally Hon Hai Precision Industry Co Ltd, said in a statement that the company is currently focusing on the optimisation of the supply chain manufacturing of Byton’s new energy vehicles, and will not comment on other market rumours.

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