BEIJING/TAIPEI — Taiwan’s Foxconn and Chinese automaker Zhejiang Geely Keeping Group stated on Wednesday they will be part of arms to offer agreement manufacturing for automakers.

They will each and every keep 50% of a enterprise that will also offer consulting companies on electric car or truck (EV) technologies to automakers, the companies stated in a statement.

It marks the most up-to-date shift by Foxconn, a key Apple supplier, into autos after a tie-up with Chinese electric motor vehicle startup Byton and arrives amid reports that Apple is likely to launch a self-driving electric motor vehicle by 2024.

For Geely, the partnership will permit it to share its initial EV-focused system, launched in September, with other automakers, in accordance to persons acquainted with Geely’s approach.

It is also the second deal this week introduced by Geely, which stated it will work with Chinese lookup engine big Baidu to make electric vehicles.

Geely, which owns Volvo Autos and holds of Daimler AG, is keen to boost the potential utilization price of its plants all around China, stated the sources, who have been not authorized to converse to media and declined to be determined.

Its main stated organization, Geely Vehicle, has the potential to make far more than 2 million vehicles a calendar year but sold only some 1.32 million in 2020. Geely Vehicle designs to concern shares on mainland China’s STAR board this calendar year.

Foxconn, whose formal title is Hon Hai Precision Business Co Ltd, stated in October it aimed to offer factors or companies to ten% of the world’s EVs by 2025-2027.

Geely shares climbed 1% on the news. Foxconn shares concluded 2.4% better prior to the companies’ announcement.