Apple’s biggest supplier is currently pushing up its production to fund 6 new projects. One of them includes wearable devices. Luxshare Precision Industry Company, which is based in China might soon be involved in the production of Apple Watches.
Reuters reported that Luxshare had raised 13.5 billion yuan to fund these new avenues.
Luxshare had filed to the Shenzhen stock exchange and mentioned that they were seeking to “improve the company’s production capacity in downstream applications such as consumer electronics and smart vehicles.”
The future Apple Watches producer will be issuing 2.1 billion shares and its price will be shared at a future date.
Luxshare Looking Forward Towards The Apple Watches Business
Luxshare had been working in tandem with Apple for some years and had assembled AirPods and iPhones and are now looking at the Apple Watches lucrative business.
These new projects that were undertaken by the company include “smart wearable devices, smart mobile terminal precision components, and high-voltage connection systems for new energy vehicles”.
CNBC had also reported a delay in Apple Watches production right before the Series 7 launch, due to the complexities of its design.
The current shortage of chips has also hampered production in several industries. The future for the supply of Apple Watches in under question as suppliers are looking for new avenues to stay in business.
This news has come right after Luxshare announced that they had partnered up with The Chery Group. The companies had announced that they were developing and manufacturing EVS together and had aimed to be a Tier 1 Supplier.