As a joint venture Foxconn makes smart bicycles for a Chinese startup Mobike

Back on January 23 in a press conference, the Chinese tech manufacturer giant Foxconn and a China-based bike-sharing startup called Mobike came through in an agreement to jointly produce bicycles for sale. In this agreement, it defines cooperating with each other both companies will design bicycles and are targeting to produce at least 10 million units in a year while among these huge units more than half of them will be produced by Foxconn, around 5.6 million pieces to be exact, according to the DigiTimes.

According to Mobike founder and CEO Davis Wang, the investment and the production will come as half and half from both companies while he escaped disclosing the total amount as to how many it would be, however, he said that Foxconn would enhance its equipment manufacturing ability, programming improvement, cost effective position and store network administration for large-scale manufacturing of these bicycles.

To better know about Mobike the company permits clients to discover, open and lease the organization’s bikes through a cell phone application. This startup formed in 2015 but within a short period of time, the company stirred in the whole of China raising $215 million in Series D funding led by Tencent and Warburg Pincus.

However, Mobike is additionally planning to supply its bikes to worldwide markets in this current year.