Hon Hai Precision Industry (GB:HHPD) has released an update.
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Hon Hai Precision Industry Co. Ltd’s subsidiary, PCE Paragon Solutions Kft., has expanded its investment in the electric vehicle sector by acquiring $20 million worth of shares in Foxconn EV Technology Inc., while Foxconn EV Technology Inc. has secured 100% ownership of Foxconn EV System LLC with a $31.5 million transaction. Both transactions, part of long-term investment strategies, were decided by the board of directors without any dissenting opinions and involve related parties.
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