GUANGZHOU -- Chinese electronic parts supplier Luxshare Precision Industry, which assembles AirPods earbuds for Apple, is forming a joint venture to develop and manufacture electric vehicles for other companies with the Chery group.
Luxshare will take a 30% stake in the new company, with the rest to be owned by Chery Automobile electric-vehicle unit Chery New Energy, under recently announced plans. The venture is to be established within the next three months with a capitalization of around 1.7 billion yuan ($267 million). Its vehicles will not sport Luxshare's brand.
