A major Apple supplier invests in electric vehicles

Luxshare, one of Apple’s biggest suppliers, has invested in a company specializing in the production of electric vehicles.

Apple electric vehicles

Luxshare and Chinese society The Chery Group plan to develop and produce new electric vehicles in the future. The work will begin in the next three months with a capitalization of approximately $270 million and the construction of a new production plant.

Luxshare acquired a 30% stake in the new company and the remainder will be held by the Chery Group’s electric vehicle unit, Chery New Energy. According to Chairman Wang Laichun, Luxshare will not become an automaker, but will instead work with Chery to help build electric vehicles. Luxshare aims to become a leading Tier 1 supplier and its new electric vehicles will not carry the Luxshare brand.

The news of this partnership comes after another Apple supplier, Foxconn, signed a partnership agreement with the Indian company Vedanta. Apparently Apple’s incumbent suppliers (Luxshare makes AirPods and some iPhone models) are also getting into the EV business, presumably to be ready when Apple Car production begins.

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