Taiwan – Taiwanese manufacturing giant, Foxconn Technology Group, the world’s largest contract manufacturer of consumer electronics are to cooperate with the Chinese bike sharing company, Mobike allowing it to double the number of bikes it plans to make this year to 10 million.

Founded in 2015, Mobike allows users to find and rent bicycles through a smartphone app, the company is hoping the move will help it expand faster by lowering the unit cost of each bicycle. The start-up raised at least $315 million in two funding rounds since October and says that this year it will manufacture 5.6 million bicycles with Foxconn and the rest at its own plants with unspecified partners - a huge jump over 2016 when it made over 400,000.

Terms of the deal with Foxconn, which amongst other products also makes iPhones, were not disclosed. However the agreement will see Mobike bicycles made in both new and existing Foxconn plants.