Foxconn, Luxshare Could Produce Apple Car, Speculation Suggests

Apple Inc AAPL suppliers Hon Hai Precision Industry Co Ltd HNHPF or Foxconn and Luxshare Precision are possible candidates to produce the rumored Apple Car DigiTimes reports.

The companies' foray into the future vehicle market has sparked speculations. 

The leading assembler of iPhones, Taiwan-based Foxconn expanded its business into the future vehicle industry in 2021. 

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Meanwhile, China-based Luxshare reached a strategic cooperation agreement with Chery to build EVs, making it eligible for Apple Car's China market.

DigiTimes notes that some analysts argue South Korea-based Hyundai Motor Co HYMTF and Canada-based Magna International Inc MGA, both of which have been in partnership talks with Apple, hold advantages over Foxconn.

However, Foxconn could still build up its Apple Car supply chain presence by gradually accumulating car-making experience and leveraging its MIH platform, electronic components products, and experience from previous collaborations with automakers.

South Korea's LG Energy Solution, SK On, and Samsung SDI Co Ltd SSDIY are possible candidates to supply EV batteries to Apple Cars in the US. Meanwhile, Apple might turn to CATL and BYD Co Ltd BYDDY to supply batteries for Apple Cars sold in China.

Price Action: AAPL shares traded higher by 0.16% at $166.83 on the last check Thursday.

Photo by Matias Cruz from Pixabay