Apple Inc AAPL CEO Tim Cook reportedly met with Wang Chuanfu, the chairman and president of BYD Co BYDDY BYDDF, in Shanghai on Wednesday. The two companies have been collaborating for a while now, with the Chinese EV maker’s BYD Electronics unit collaborating with Apple on several products including the iPhone and Vision Pro.
What Happened: The meeting took place at Apple’s China headquarters in Shanghai, local newspaper China Daily reported. Apple’s Chinese suppliers including BYD Electronics, Lens Technology, and Shenzhen Everwin Precision Technology, showcased their manufacturing technologies or parts and products made for Apple at the headquarters, the report added.
In an interview with the newspaper, Cook said that there is no supply chain in the world more critical to the tech giant than that of China. Apple has been collaborating with Chinese suppliers for almost three decades now.
“It’s the partnership between Apple and Chinese companies that really makes things happen,” said Cook, as per the report.
Why It Matters: BYD, the report said, has been collaborating with Apple for 15 years. The company, now known as the world’s largest maker of new energy vehicles, kicked off making electronic components long before it ventured into electric vehicles.
Apple is looking to open its eighth store in Shanghai on Thursday. Cook will also attend the China Development Forum over the coming weekend.
Apple's presence in China has been challenged recently. iPhone sales in China dipped by 24% in the first six weeks of the year, pushing Apple to fourth place among smartphone vendors. This allowed Vivo, a company catering to the budget segment, to surpass Apple as China’s top smartphone seller.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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