Reuters Jan 7, 2021, 12:11AM IST Apple assembler Foxconn and the Nanjing Economic and Technological Development Zone have agreed to start building electric sport-utility vehicles in 2022 for cash-strapped Chinese startup Byton, Foxconn said in a statement.

It has not made major announcement on the partnership since then.

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The company will launch the IPO once it consolidates its group entities in India, reported Livemint on Tuesday.

Taiwanese contract manufacturer, whose main listed arm is Hon Hai Precision Industry Co is keen on expanding in India since early 2019.

Foxconn, that makes smartphones in India through its subsidiaries, plans to invest up to 1 billion over three years to expand a factory in southern India where it assembles Apple iPhones, Reuters reported earlier.

As per the report, Apples iPhones models, made by Foxconn in China, will be made at its plant in Tamil Nadu.

The company also operates a separate plant in Andhra Pradesh.

Foxconn Chairman Liu Young-way last month said it would ramp up its investment in India, at Foxconns annual general meeting.

In another update, Foxconn and the Nanjing Economic and Technological Development Zone have agreed to start building electric sport-utility vehicles (SUVs) in 2022 for cash-strapped Chinese start-up Byton, the Taiwan based company recently announced.

The tech group was reported to be investing some 200 million in Chinese electric vehicle startup, which will be a key part in Foxconns strategy in the electric vehicle (EV) industry.

Last week, Hon Hai Precision Industry Co., Ltd.

Foxconn) reported 32.3 on year and 4.8 sequential rise in its consolidated revenues to NT 713.78 billion (US25.51 billion) for December 2020, hitting a new record.

Year-to-date revenues of the company totalled at NT 5,356.06 billion, rising 0.31 from the previous years figures.

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