Taiwanese electronics manufacturer Foxconn Technology Group picked up a stake in Chinese bike-sharing startup Mobike, Reuters reported Jan. 23. Financial terms were not disclosed.
The deal will also see Foxconn, formally known as Hon Hai Precision Industry Co. Ltd., help manufacture bicycles for Mobike. The startup plans to increase its production to 10 million bicycles this year, according to the report.
Mobike was founded in 2015 and counts Tencent Holdings Ltd. and private equity firm Warburg Pincus LLC among its backers. It currently operates in 13 Chinese cities but has also established an office in Singapore as it eyes international expansion.