Business Growth - Foxconn invest in electric truck manufacturer

iPhone maker Foxconn is investing in loss-making electric truck manufacturer Lordstown Motors, buying an 18% stake in the company for $170m.

Read the article here

I'm not sure why it is doing this - perhaps it thinks that the market for iPhones is relatively mature and that a bet on faster growth elsewhere in a newer market might pay dividends.

That said, it is already involved in maunfacturing electric vehicles in Saudi Arabia, under the brand name Ceer, so perhaps it's hoping that there are spillover effects from this investment too.