Foxconn to make Mobike’s smart bicycles for ride sharing
Summary
A personalised news feed of stories that matter to youGet more with my NEWSFoxconn Technology Group, the worlds largest contract manufacturer of consumer electronics, will become the exclusive assembler of smart bicycles for Mobike, in a venture that aims to double the Chinese bike-sharing companys annual production capacity to 10 million units. The joint supply chain, which will raise the annual production capacity by 5.6 million units, will significantly cut assembly and distribution costs globally, according to a statement by the two companies. In 2017, we aim to enable residents in 100 cities in China and around the world to enjoy our unique and convenient solution of last-mile travel, said Davis Wang, Mobikes co-founder and chief executive. Mobike has set its sights on expanding to Singapore, a densely packed, prosperous city state where a well-developed subway system displaces private car ownership. Mobike announced earlier this month that it had closed a $215 million Series D financing round, led by strategic investors including Warburg Pincus and Tencent Holdings, operator of Chinas largest social network.