Advertisement
Canada markets closed

  • S&P/TSX

    21,969.24
    +83.86 (+0.38%)
     

  • S&P 500

    5,099.96
    +51.54 (+1.02%)
     

  • DOW

    38,239.66
    +153.86 (+0.40%)
     

  • CAD/USD

    0.7316
    -0.0007 (-0.10%)
     

  • CRUDE OIL

    83.66
    +0.09 (+0.11%)
     

  • Bitcoin CAD

    86,281.47
    -1,738.84 (-1.98%)
     

  • CMC Crypto 200

    1,304.48
    -92.06 (-6.59%)
     

  • GOLD FUTURES

    2,349.60
    +7.10 (+0.30%)
     

  • RUSSELL 2000

    2,002.00
    +20.88 (+1.05%)
     

  • 10-Yr Bond

    4.6690
    -0.0370 (-0.79%)
     

  • NASDAQ

    15,927.90
    +316.14 (+2.03%)
     

  • VOLATILITY

    15.03
    -0.34 (-2.21%)
     

  • FTSE

    8,139.83
    +60.97 (+0.75%)
     

  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     

  • CAD/EUR

    0.6838
    +0.0017 (+0.25%)
     

Foxconn invests $36 million in EV partnership with Gigasolar

Reuters
·1 min read
The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei

TAIPEI (Reuters) - Taiwan's Foxconn said a subsidiary has invested T$995.2 million ($36 million) in Gigasolar Materials Corp to develop electric vehicle (EV) battery materials.

Foxconn, Apple's main iPhone maker, said the investment via a private placement through a Taiwan-based subsidiary will make it the second-largest shareholder in Gigasolar, known for manufacturing solar cell materials.

The two companies will jointly develop materials for electric cars, Foxconn said in a statement on Tuesday.

Foxconn has identified electric vehicles as a key new business and has struck several deals with companies, including Italian carmaker Stellantis and Thailand's state-run energy group PTT.

ADVERTISEMENT

The Taiwanese company aims to provide components or services to 10% of the world's electric cars by 2025 to 2027, Foxconn chairman Liu Young-way said in October, vowing to lower manufacturing and other costs with its assembling know-how as the world's largest contract electronics manufacturer.

(Reporting by Yimou Lee; Editing by Alexander Smith and Bernadette Baum)