Apple AirРods maker Luxshare enters electric car business

Apple’s largest business partner Foxconn has been carrying out important work on contract electric vehicle production for the last few years. The company’s efforts in this direction seem to have inspired its closest competitors. Because Luxshare Precision Industry, which produces AirPods headphones for Apple, is in a similar effort.

Chinese electronic parts supplier forms a joint venture with Chery group to develop and manufacture electric vehicle for third parties. Luxshare will have a 30% stake in the newly established company. The remainder will be owned by Chery New Energy, the electric vehicle division of Chery Automobile.

Chery has 16 thousand dollar models

It is stated that the joint venture will be established in the next three months with a capital of 267 million dollars. Electric vehicles to be produced for third-party customers will not carry the Luxshare brand. Because the company has no intention of becoming an independent electric vehicle manufacturer.

The electric vehicle division of the Chinese company Chery, chosen by Luxshare as a partner, produced more than 960 thousand vehicles last year, of which about 270 thousand were exported. Chery New Energy’s product portfolio includes electric cars in the $16,000 price range.