- Apple Inc (NASDAQ:AAPL) has increased its reliance on Chinese supply chain partners, including Luxshare, which could oust Foxconn Technology Co Ltd (OTC:FXCOF) as Apple's primary supplier, Apple Insider reports.
- Apple reportedly forged a secret deal worth $275 billion with the Chinese government to invest in local companies.
- The $275 billion investment deal between Apple and China allows the Cupertino tech giant to cut costs and "curry favor with Beijing."
- Related Content: Apple Enlists More Asian Suppliers to Ramp Up iPhone 13 Production as Launch Schedule Looms: Report
- Apple has shifted more of its supply chain business to China-based companies.
- Apple tapped Luxshare to assemble AirPods, ending the dominance of Taiwanese-based firms in Apple's assembly chain.
- Luxshare, which already exceeds Foxconn in market capitalization, could displace Foxconn as an Apple supply chain heavy-hitter.
- Price Action: AAPL shares traded higher by 0.25% at $179.82 on the last check Thursday.
