Hon Hai Precision Industry (Foxconn) has launched a new business group in Zhengzhou, China, where one of its main iPhone assembly plants is located, according to a recent report by Taiwan's Central News Agency (CNA). Mid-June marked the establishment of Foxconn's new Chinese business group is designed to focus on artificial intelligence (AI), electric vehicle (EV) battery replacement, energy storage, intelligent robotics, and other business-critical areas, the report quoted local media and industry sources in China as saying. The new business group is wholly owned by Hongfujin Precision Industry (Zhengzhou) and has a registered capital of CNY1 billion (US$138.6 million), according to the report.