Foxconn is getting into the auto business ahead of Apple Car launch

Could Apple Car be built by Foxconn?

What you need to know

• Foxconn is investing in the electric car business.
• One potential customer could be Apple and its rumored electric vehicle.

As reported by Bloomberg, Foxconn, the largest manufacturing partner that Apple has, is getting into the automotive business as rumors of the Apple Car swirl. The company is seemingly attempting to make itself a contender as one of Apple's supply chain partners when it looks to produce its autonomous electric vehicle.

Foxconn is joining forces with Chinese carmaker Zhejiang Geely Holding Group Co. to provide production and consulting services to global automotive enterprises, according to a statement from the companies Wednesday.

Bloomberg is also sticking with earlier reports that report Apple has at least 5 years until it starts to build its electric vehicle.

With development work still at an early stage, Apple will take at least half a decade to launch an autonomous electric vehicle, people with knowledge of the efforts have told Bloomberg News. That suggests the company is in no hurry to decide on potential auto-industry partners. Last week, Hyundai Motor Co. backed away from a statement confirming it is in talks with Apple, saying it had been contacted by potential partners for the development of autonomous electric vehicles.

Apple isn't the only company that Foxconn is focusing on when it comes to electric vehicle production. The company is developing a chassis and parts for a potential range of brands.

Foxconn, whose main listed arm is Hon Hai Precision Industry Co., in October unveiled its first-ever EV chassis and a software platform aimed at helping automakers bring models to the market faster. It plans to deliver its first development kit in April, with Hon Hai Chairman Young Liu saying EV-related business in the first half will be "very good". Meanwhile, Foxconn's key unit Foxconn Technology Co. is reportedly expanding a plant to develop automotive metal parts.

It is still unknown if Apple will actually build its own electric car or partner with other automakers to provide the underlying technology it is developing.

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