The companies' foray into the future vehicle market has sparked speculations. 

The leading assembler of iPhones, Taiwan-based Foxconn expanded its business into the future vehicle industry in 2021. 

Related Content: Cupertino Focuses On Fully Autonomous Vehicle With Apple Car Project: Report

Meanwhile, China-based Luxshare reached a strategic cooperation agreement with Chery to build EVs, making it eligible for Apple Car's China market.

DigiTimes notes that some analysts argue South Korea-based Hyundai Motor Co (OTC:HYMTF) and Canada-based Magna International Inc (NYSE:MGA), both of which have been in partnership talks with Apple, hold advantages over Foxconn.

However, Foxconn could still build up its Apple Car supply chain presence by gradually accumulating car-making experience and leveraging its MIH platform, electronic components products, and experience from previous collaborations with automakers.

Price Action: AAPL shares traded higher by 0.16% at $166.83 on the last check Thursday.

Photo by Matias Cruz from Pixabay