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© Mobike Electronics Production | January 24, 2017

Foxconn and a Chinese 2-wheeler

Start-Up Mobike is said to have partnered with EMS-giant Foxconn in an effort to increase production of its bikes.
The Taiwanese manufacturing giant has also bought a stake in the bike-sharing start-up, reports Reuters.

It wants to double production to 10 million bikes produced this year, to be more precise. Together with Foxconn, it will take on a little over 50 percent of that number. The rest, produced with different partners, will be made at its own facilities.

Mobike, which is backed by Tencent and Warburg Pincus LLC, is a bike sharing platform. Users can find and rent a bicycle via a smartphone app. Founded in 2015, Mobike currently operates in 13 cities across China and has recently expanded into Singapore.

"Right now we are working with Foxconn to evaluate the possibilities," Chief Executive Davis Wang told Reuters. The bikes could be made anywhere, even in Europe or the United States.

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April 21 2017 3:29 PM V8.0.7-2