Apple supplier Luxshare wants to build new plants for wearables & electric cars

Apple supplier Luxshare Precision Industry is planning on raising around $2 billion to fund new projects, such as production lines aimed at wearables like the Apple Watch, and some intended for smart vehicles. With the share issue, Luxshare is aiming to raise up to 13.5 billion yuan. The six projects include new production lines aimed at smart wearable devices, mobile terminal components, and high-voltage connection systems for vehicles, the filing added. Luxshare is a prominent Apple supply chain partner based in China known for producing the company's AirPods. In recent years, Luxshare has started winning more iPhone orders from Apple and is constructing a massive new "Mega-plant" to challenge established Chinese rivals like Foxconn and Pegatron. Earlier in February, reports also indicated that Luxshare plans on expanding into the electric vehicle market as rumors of Apple developing its own "Apple Car" continue to surface. Luxshare isn't planning on becoming a carmaker and will likely focus on internal vehicular components.