There's a growing chance your next electric car will be built by the same company as your iPhone

There's a good chance that your next electric car will be made by the same company as your current one.

We're not talking about Apple's long-rumored self-driving car, which has been delayed. It's not a rivalry of its own between the two companies.

The Taiwanese electronics giant that assembles all manner of popular devices, including the iPhone, iPad, and Nintendo Switch, is looking into the world of electric vehicles. Instead of selling EV under its own brand, it wants to design and manufacture cars for established automakers and the new crop of EV startup.

What it currently does for Apple is what it hopes to do forTesla. The company's chairman said in October that the company wants to make 40-45% of the world's electric vehicles.

ASSOCIATED PRESS

Last year, the company unveiled its first EV prototypes and has already lined up a number of clients. The former General GM plant in Lordstown, Ohio was bought by the Apple company. The electric pickup trucks are being shipped out by Lordstown Motorcars.

The Pear, Fisker's second vehicle, will be made in Ohio starting in the year 2024. Prototypes will be built for Indi EV. It signed a partnership with Yulon Motor.

According to Germany's Automobilwoche, Volkswagen is considering hiring a Taiwanese company to build its new electric SUV and pickup truck.

The founder and CEO of Automobility told Insider that the move by Foxconn is a smart one. The company has found great success in shouldering the capital-intensive parts of manufacturing electronics because it is able to buy components in large quantities. It's well positioned to do the same for EV makers, who are eager to reduce the enormous investments required to develop and bring a car to market

More and more of the electronic components that Foxconn is familiar with are being used in vehicles that are internet- connected.

That sounds similar to the devices that are built today. A lot of screens, a lot of chips, a lot of things that they know how to buy in large quantities will drive down costs.

Tu Le is the managing director of Sino Auto Insights and he says that the EV startup that doesn't have the cash to build their own factories will be a big beneficiary of the entry of Foxconn. US upstarts Rivian and Lucid have spent a lot of money setting up plants of their own, but not all fresh-faced EV companies have that kind of access to capital.

"There's going to be a lot of asset-light EV startups that are going to come out in the next 24 to 30 months in the U.S., and they're going to need a factory with capacity that can sell them a finished good at a wholesale price,"

The company will have to prove that it can make electric SUVs and pickup trucks to the same standards as its other products.

If they can prove that the first vehicles that roll off the line in Ohio are at the highest quality, highest reliability, highest safety standards that Americans expect, there will be a lot of opportunity for them.