Foxconn Technology Group announced an investment of 600 million yuan (around US$82 million) to build an EV battery plant in Zhengzhou, Henan province, China.

The facility will be near its largest iPhone manufacturing site.

This investment was disclosed in a Tuesday filing to the Taiwan Stock Exchange.

The funds will support Foxconn New Energy Battery (Zhengzhou), a subsidiary created in October focused on EV battery production.

An initial investment of 350 million yuan (around US$47.9 million) was made through Foxconn’s New Business Development Group, which oversees the battery unit.

The plant is part of the group’s strategy to diversify into electric vehicle production, semiconductors, and robotics.

Recent Foxconn developments