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Recently, according to foreign media reports, the cooperation project between Foxconn and Baiteng has been shelved, mainly due to the deteriorating financial situation of Baiteng. According to foreign media quoted several people familiar with the project said that the project has not been officially terminated, the number of Foxconn employees in the Baiteng plant is very small, are preparing for the final termination of the project. Some of the senior people involved in the project have left Foxconn. As of press time, neither Foxconn nor Baiteng could be reached for comment.

In January this year, Baiteng signed a strategic cooperation framework agreement with Foxconn Technology Group and Nanjing Economic and technological Development Zone. The three parties will work together to promote mass production of Baiteng new energy vehicle products and strive to achieve mass production of M-Byte by the first quarter of 2022. Foxconn has sent more than 100 engineers to the Baiteng Nanjing plant to help accelerate mass production, which was originally planned for the first quarter of 2022, but with the help of Foxconn, it is expected to advance mass production to the end of 2021 or early 2022, according to Biden employees.

On December 31, 2020, the company Biden issued an email saying that it had extended the shutdown until June 2021. As early as June 2020, Baiteng Motor issued an internal email to all employees. After communication between the company's shareholders and management, the company suspended its mainland business operations in China since July 1, with all staff waiting for work and production suspension for half a year.

It is understood that Baiteng Automobile, founded in September 2017, is a new energy vehicle brand under Nanjing Zhixing New Energy Technology Development Co., Ltd. Biden's first production model, the M-Byte, was unveiled at the US Consumer Electronics Show in 2019, and Dai Lei said in an interview at the time that the model would be officially put into production in mid-2020. According to statistics, since its establishment in 2017, Baiteng Motor has conducted four rounds of financing, with a total financing amount of about 8.4 billion yuan. however, due to the exhaustion of funds, Baiteng Motor has come to the point of stopping production. Financing difficulties and the impact of the epidemic further aggravated the company's business crisis, which eventually led to employee arrears and company shutdown. Also because of burning up 8.4 billion financing, the M-Byte model has not yet achieved mass production delivery, was commented by CCTV as "burning up 8.4 billion yuan can not produce a mass production car."

In July this year, there were media reports that the cooperation between Foxconn and Baiteng Motor had changed. Reported that Baiteng car stock Oriental FAW Group has taken over the company, Foxconn sent to Baiteng Nanjing plant staff are withdrawing, leading to Baiteng car production plans to start mass production early next year may be delayed again. At that time, in response to the news, Baiteng Automobile said: Baiteng is actively promoting the mass production of the first car. At the same time, according to the current needs of the company, Baiteng is carrying out the optimization of the team, with the division and cooperation of Baiteng's core shareholder FAW Group and partner Foxconn to send senior executives to support the development of mass production and operation. Baiteng will make full use of FAW Group, Foxconn, local governments and other core resources to formulate a package of related programs to steadily promote the mass production of the first car on the market. A Foxconn spokesman responded: "the future cooperation between the two sides will be decided after Baiteng completes its restructuring." On July 12, Baiteng Automobile affiliate Nanjing Zhixing New Energy vehicle Technology Development Co., Ltd. was filed for compulsory liquidation and bankruptcy by Shanghai Huaxun Network system Co., Ltd. In response to the matter, Baiteng Motor responded that at present, some creditors have filed a lawsuit in the court and filed for bankruptcy against Baiteng, the court has not formally accepted the bankruptcy application, and Baiteng is actively responding to it and seeking settlement.

It is not difficult to see that the current situation of Baiteng is indeed worrying, and Foxconn's attention seems to have shifted from the project to other ongoing electric vehicle projects. On September 14, Foxconn's parent company, Hon Hai, announced that it had formally signed a joint venture with Thai National Oil Company to produce electric cars and build a new plant in Thailand. It is understood that the investment amount of the project is about 10 to 2 billion US dollars. The first stage is to plan for two to three years to reach the production target of 50, 000 vehicles a year, and to expand to 150000 vehicles a year in the future. Yesterday, a group of suspected spy photos of the first model built by Foxconn were exposed by the media, and the new car will be unveiled on October 18.

At present, there is indeed a lot of uncertainty about the follow-up cooperation between Foxconn and Baiteng, and the cooperation with Baiteng is suspended, although the car manufacturing plan in China may fail, but Foxconn's plans to build plants in the United States and Thailand have not been affected. For Baiteng Motor, the loss of Foxconn, the patron of Foxconn, will put more and more pressure on survival in the future, and there will be less and less room for Baiteng cars in the future.

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