TAIPEI – Foxconn Technology Group has established an electric vehicle business in Zhengzhou, China, amid declining smartphone sales.

The new firm, Foxconn New Energy Automobile Industry Development, was founded in Zhengzhou – also home to Foxconn's 200,000-employee iPhone factory – with a registered capital of 500 million yuan ($70 million), according to public records. Its business covers car component manufacturing and development, motor production and NEV sales, among other areas.

Foxconn said the new venture belongs to Foxconn Innovation Industry Development Group and aims to sharpen the company's focus on the electric vehicle industry, according to the South China Morning Post.

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