Foxconn reached an agreement with the Chinese electric automaker Byton Foxconn plans to invest around $200 million in Byton as it attempts to further diversify its business Shares of Foxconn are up over 4% this week, however, buyers failed to sustain today’s gains Shares of Foxconn (T: 2354) are up over 4% this week after one of the key iPhone suppliers reached an agreement with the Chinese electric automaker Byton to take part in the manufacturing of its first vehicles. Fundamental analysis: EV market opportunity The deal comes as the Taiwan-based electronics company is looking to expand its operations beyond just manufacturing tech products. According to media reports, Foxconn plans to invest around $200 million in Byton as it attempts to further diversify its business and reduce its reliance on Apple.