Foxconn has announced it will further invest in an American electric pick-up truck company that could challenge Elon Musk’s Tesla Cybertruck.
THE Foxconn, the giant semiconductor manufacturing company from Taiwan that makes Apple’s famous iPhone mobile phones is increasingly entering the electric car market, having the ability to “counter” the Tesla.
As the BBC reports, Foxconn has announced it will further invest in an American electric pick-up truck company that could challenge Elon Musk’s Tesla Cybertruck.
The tech giant pays up to 170 million dollars for shares in loss-making start-up Lordstown Motors. The significant cash injection comes as the company aims to ramp up production of its flagship model, the Endurance.
Lordstown recently began building the vehicle at a former General Motors plant in the US state of Ohio.
Under the deal, Foxconn bought more than 18% of Lordstown, making it the largest investor in the company.
After all, last week her investment fund of Saudi Arabia and Foxconn have joined forces to launch a new electric vehicle company called Ceer.
According to Saudi Arabia, Ceer will raise $150 million in investment from foreign investors, while 30,000 jobs will be created around it.
Ceer aims to launch sedans and SUVs starting in 2025.
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