Foxconn Technology Group, the maker of Apple's iPhone, is said to be interested in manufacturing its own electric cars in China, according to Chinese media reports.

Reports say the Taiwan-based company - which acts as a sub-contract manufacturer for Apple - is making the investment in China's Shanxi province.

The company is said to be eyeing new business sectors for growth. Previous reports have said that the company was interested in working with BAIC to develop the electric car rental market in China.

The company already manufactures a number of parts for automotive companies, including the large touch-screens found inside Tesla's Model S.