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What you need to know

  • A major Apple supplier has started a joint venture to provide car manufacturing to automakers.
  • It comes following swirling reports that Apple plans to release a car of its own in the future.

Apple's biggest supplier Foxconn has started a partnership to provide contract manufacturing to carmakers, according to a new report.

From Reuters:

Taiwan's Foxconn and Chinese automaker Zhejiang Geely Holding Group said on Wednesday they will join hands to provide contract manufacturing for automakers.

They will each hold 50% of a venture that will also provide consulting services on electric vehicle (EV) technologies to automakers, the companies said in a statement.

It marks the latest move by Foxconn, a major Apple Inc supplier, into autos after a tie-up with Chinese electric car startup Byton and comes amid reports that Apple is likely to launch a self-driving electric car by 2024.

The news follows various reports Apple plans to release a car of its own in the future. One report stated an 'Apple Car' could begin production in 2024, with Hyundai touted as a possible partner. However, a recent Bloomberg report from the reliable Mark Gurman says that Apple's car is still at least five years away, and is nowhere near the production stage. Rumors abound that an Apple car of the future will an autonomous electric vehicle, and Apple has reportedly been working on self-driving tech for many years.

Hyundai recently walked back statements it was approached by Apple to produce a car last week. From the initial report:

As a result of an interview with Korea Economic Daily on the 8th, it was confirmed that Apple is in the process of negotiating and proposing cooperation with the Hyundai Motor Group to launch an Apple car. Inside the Hyundai Motor Group, the review has already been completed, and it is said that only the home of Chairman Eui-sun Eui-sun remains.