Future Mobility, a joint venture between Taiwanese Foxconn and Chinese Tencent for electric vehicles since 2016, recently announced that it will acquire GM’s plant in Guansan, Korea, and invest a total of 200 billion Won (USD176.2 million; USD = 1,135Won) for plant revamp, according to the Chosunilbo on April 4. This GM plant was shut down in 2018. Following the revamp, the plant is able to churn out 50,000 electric vehicles per year by 2021 with parts and components from China. Besides Future Mobility, China’s Songuo Motors recently also announced to set up a plant in Guansan through a JV with Korean electric vehicle maker SNK Motors with an aim to produce 100,000 vehicles per year. On top of that, China’s largest electric vehicle maker Chery Automobile and Korea’s Nanos also invested 120 billion Won (USD105.7 million) into a new plant which has an annual capacity of 50,000 electric vehicles by 2021. Future Mobility, under the brand name of Byton, has unveiled an all-electric battery powered electric vehicle called M-Byte in January this year, which can travel up to 520km on a single charge and is slated for launch in China, the United States, and Europe in 2020 and Korea in 2021.