Chinese electronic parts supplier Luxshare Precision Industry, is reportedly working with Chery Group to form a joint venture to develop and manufacture electric vehicles for other companies.
Among its activities, Shenzen listed Luxshare currently makes AirPods for Apple. Luxshare becomes the latest of Apple’s suppliers to explore the car making space after Foxconn (Hon Hai).
Reports say Luxshare is investing CNY500m to take a 30% stake in the new company, with the rest to be owned by Chery Automobile electric-vehicle unit Chery New Energy.
