Mobike works with Foxconn to boost fleet

Chinese bike-sharing startup Mobike signed an exclusive strategic partnership with Foxconn Technology Group on Monday, in a move to double its annual bicycle production capacity to more than 10 million units.

Under the deal, Foxconn, the world's largest contract consumer electronics maker, will set up production lines for Mobike's bicycles, with an annual production capacity of 5.6 million units. Foxconn also becomes a strategic investor in the startup.

Davis Wang, CEO and co-founder of Mobike, said the deal will help the Beijing-based company expand presence in China and overseas markets.