16 C
London
Tuesday, October 4, 2022

Luxshare, Apple’s Manufacturing Partner, Will Develop Electric Vehicles

Among Apple’s most important supply chain partners, one has announced its entry into the electric vehicle sector. Nikkei Asia reports that Chinese electronic components supplier Luxshare Precision Industry has established a joint venture with Chery Group to design and manufacture electric cars. The company that makes Airpods for Apple will enter the electric vehicle market in the next three months.

Luxshare is following its competitors in moving away from being overly reliant on Apple, even as it aims to take on more iPhone orders for the iPhone. Luxshare, like Foxconn, is focusing on the electric vehicle sector.

According to iMore, Luxshare will control 30% of the new firm, with the remaining 70% held by Chery Automobile’s electric car unit Chery New Energy. Within the following three months, the firm will be established with a capitalization of around 1.7 billion yuan ($267 million). Its cars will not be labeled with the Luxshare logo.

Luxshare is most known as one of Apple’s primary AirPods supply chain partners, but the company has also begun producing iPhones in 2021 and is now building a new plant to maintain its relationship with the company.

Apple has long been rumored to be developing an autonomous electric automobile called Apple Car. Apple has been looking for supply chain partners to aid with parts and assembly for its revolutionary vehicle, which is slated to be revealed in 2025.

Latest news
Related news