Chery, Apple supplier team up to produce electric vehicles  

A supplier for U.S. technology giant Apple is following through on its goal of producing electric vehicles, teaming up with Chery Automobile Co., Ltd. of China. 

Luxshare ICT is a key assembler of the AirPods wireless earbuds marketed by Apple 

According to a report by Automotive News, Dongguan-based Luxshare Precision Industry Co., a key assembler of the Apple AirPod wireless Bluetooth earbuds, has signed a contract with the Chinese automaker. Luxshare will invest 500 million yuan (over Php 4.06 billion) in exchange for a 30 percent stake in the joint venture, with the remaining 70 percent going to Chery New Energy, which is the carmaker’s unit responsible for EVs. 

Under the terms of the deal, Luxshare will acquire 7.87 percent of Chery Automobile, 19.88 percent of its parent company Chery Holding Group Co., and 6.24 percent of Chery New Energy, all for 10.1 billion yuan (Php 82 billion). Some 1.7 billion yuan (more than Php 13.8 billion) will be invested into a partnership with Chery New Energy to develop and produce EVs. 

Among the current EV offerings by Chery is the QQ Ice Cream 

Chery currently markets two electric models in China. The first is the QQ Ice Cream city car, available in three trim levels with a choice of 9.6 kilowatt-hour and 13.9 kilowatt-hour batteries delivering up to 170 kilometers of range. A second model is the eQ1 offered with either a 30.6 kilowatt-hour or 38 kilowatt-hour power pack that can deliver a maximum of 408 kilometers.   

Based in the southern Chinese city of Dongguan, Luxshare is listed on the Shenzhen stock exchange with a market capitalization of $35.7 billion (over Php 1.83 trillion) as of May 2021. 

Long-time Apple supplier Foxconn previously unveiled three EV prototypes under its joint venture with Yulon Motor 

This is the second time that an Apple supplier has been reported as pursuing its own EV ambitions, while the U.S. firm’s efforts in developing the Apple Car have stalled and restarted several times. In 2021, long-time Apple contractor Foxconn unveiled three EV prototypes it conceptualized and developed with Yulon Motor.  

Keep up with the tech companies’ latest forays into mobility at Philkotse.com.