Foxconn drives electric car industry

News of the day, Thursday, February 10

The Taiwan-based Foxconn, an iPhone manufacturer will launch an investment in electric vehicle manufacturing. The factory will build an industrial site on 200 hectares to make battery cells, cathode precursors, and telecom spare parts with the vehicles. Foxconn is about to pair with Indonesia’s investment ministry, the state-owned Battery Corporation, and electric scooter vendor Gigoro for a full-cycle EV production.

Chinese central bank has conducted 20 billion yuan of reverse repos. This is aimed to maintain the liquidity of the banking system. A reverse repo is an act of buying securities to return, or resell, those same assets in the future as profit.

The price of Brent crude is $91.71, WTI — $89.96, GBP/USD — 1.3555, EUR/USD — 1.1435, and gold costs $1833.45 per ounce.