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Report: Foxconn, IDG Capital to create US$1.5B fund for car tech startups

Taiwan-based Hon Hai Precision Industry Co. Ltd., also known as Foxconn Technology Group, and China-focused investment firm IDG Capital are planning to establish a 10-billion-yuan fund for startups in automotive technologies such as self-driving artificial intelligence and battery development, Bloomberg News reported, citing a presentation for potential investors.

Foxconn and IDG reportedly started discussions with government-backed funds, financial institutions, and other investors several months ago, according to the presentation.

Part of the plan includes Foxconn and IDG shelling out 10% of the target amount, with both companies assigning executives with experience in everything from robotics to acquisitions to oversee the fund.

Foxconn has previously invested in auto tech startup Future Mobility Corp. Ltd.

As of Oct. 18, US$1 is equivalent to 6.62 Chinese yuan.