- Apple Inc AAPL has increased its reliance on Chinese supply chain partners, including Luxshare, which could oust Foxconn Technology Co Ltd FXCOF as Apple's primary supplier, Apple Insider reports.
- Apple reportedly forged a secret deal worth $275 billion with the Chinese government to invest in local companies.
- The $275 billion investment deal between Apple and China allows the Cupertino tech giant to cut costs and "curry favor with Beijing."
- Related Content: Apple Enlists More Asian Suppliers to Ramp Up iPhone 13 Production as Launch Schedule Looms: Report
- Apple has shifted more of its supply chain business to China-based companies.
- Apple tapped Luxshare to assemble AirPods, ending the dominance of Taiwanese-based firms in Apple's assembly chain.
- Luxshare, which already exceeds Foxconn in market capitalization, could displace Foxconn as an Apple supply chain heavy-hitter.
- Price Action: AAPL shares traded higher by 0.25% at $179.82 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
