Foxconn invests $36 mln in EV partnership with Gigasolar

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The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone Siu/Files

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TAIPEI, June 15 (Reuters) - Taiwan's Foxconn (2317.TW) said a subsidiary has invested T$995.2 million ($36 million) in Gigasolar Materials Corp (3691.TWO) to develop electric vehicle (EV) battery materials.

Foxconn, Apple's (AAPL.O) main iPhone maker, said the investment via a private placement through a Taiwan-based subsidiary will make it the second-largest shareholder in Gigasolar, known for manufacturing solar cell materials.

The two companies will jointly develop materials for electric cars, Foxconn said in a statement on Tuesday.

Foxconn has identified electric vehicles as a key new business and has struck several deals with companies, including Italian carmaker Stellantis (STLA.MI) and Thailand's state-run energy group PTT (PTT.BK).

The Taiwanese company aims to provide components or services to 10% of the world's electric cars by 2025 to 2027, Foxconn chairman Liu Young-way said in October, vowing to lower manufacturing and other costs with its assembling know-how as the world's largest contract electronics manufacturer.

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Reporting by Yimou Lee; Editing by Alexander Smith and Bernadette Baum

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