ZHENGZHOU -- Hon Hai Technology Group (Foxconn) has announced that it will invest 600 million yuan ($83.48 million) in Foxconn New Energy Battery (Zhengzhou) Co Ltd.

The investment will be made through its subsidiary, HongFuJin Precision Electronics (Zhengzhou) Co Ltd, which will first inject capital into Foxconn Innovation Industry Development Group Co Ltd. The latter will channel the funds into the new energy battery company in Zhengzhou, the capital of central Henan province, the Taiwan company confirmed to Xinhua on Tuesday.

The total investment will be made in phases, with an initial injection of 350 million yuan, the world's leading electronics manufacturer said.

Foxconn is set to build a new business headquarters, which will host Foxconn Innovation Industry Development Group Co Ltd, in Zhengzhou. The planned headquarters will feature a construction area of approximately 70,000 square meters in its first phase, with an investment of 1 billion yuan.

In April 2023, Foxconn inaugurated the new business headquarters in Zhengzhou. At the start of this year, a Foxconn company related to the electric vehicle (EV) industry was established in the city, focusing on the production of key components for EVs, vehicle sales and the recycling of EV batteries.

In July this year, the company signed a strategic cooperation agreement with the Henan provincial government to accelerate projects related to new business ventures. It plans to advance projects in the new energy vehicle, energy storage battery, digital healthcare and robotics industries.