Foxconn announces investment in mainland-based new energy battery affiliate

ZHENGZHOU, Dec. 24 (Xinhua) -- Hon Hai Technology Group (Foxconn) has announced that it will invest 600 million yuan (about 83.48 million U.S. dollars) in Foxconn New Energy Battery (Zhengzhou) Co., Ltd.

The investment will be made through its subsidiary, HongFuJin Precision Electronics (Zhengzhou) Co., Ltd., which will first inject capital into Foxconn Innovation Industry Development Group Co., Ltd. The latter will channel the funds into the new energy battery company in Zhengzhou, the capital of central Henan Province, the Taiwan company confirmed to Xinhua on Tuesday.

The total investment will be made in phases, with an initial injection of 350 million yuan, Foxconn said. ■