Apple Inc. (NASDAQ:AAPL)’s Foxconn Of cars? Some Say Its Canada’s Magna
Since Apple Inc. (NASDAQ:AAPL)’s quarterly sales fell for the first time in a nearly a decade, investors have been looking for signs of new growth. That explains why the idea of Apple producing a car has come up repeatedly in conversations in the recent weeks. In the latest Apple car rumors, it has emerged that the iPhone maker was working with Canadian contract manufacturer called Magna International to produce its branded cars.
With Magna, Apple Inc. (NASDAQ:AAPL) is reportedly working out a relationship similar to what it already has with Foxconn, the contract producer of iPhones. Like with Foxconn, Magna would produce parts for the rumored Apple car and also assemble the car.
Magna is largely an auto parts supplier
Magna may be a little-known player in the auto industry, but it isn’t a newbie. The company has been around since at least 1950s and has worked with a number of well-known vehicle brands. For example, in the 1960s, Magna used to produce parts for General Motors Company (NYSE:GM).
The company continues to supply parts to vehicle manufacturers. In addition to parts supply, Magna also assembles vehicles on behalf of the brand owners. For example, the company assembles the Mercedes-Benz G-Class and as well as the Mini Countryman.
Besides the home country, Magna has plants across Europe and Asia where it either assembles cars on behalf of others or produces parts. It is believes that Magna will produce Apple Inc. (NASDAQ:AAPL)’s cars at one of its facilities in Europe. Rumors point to the contract manufacturer using its Austrian plant to build Apple car.
It’s all rumors
It is not certain at this juncture that Apple Inc. (NASDAQ:AAPL) is working with Magna to produce its branded car. In any case, Apple itself hasn’t come clean on the issue that it was working on developing a car under an initiative codenamed Project Titan.
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