Update: Added images and new input from BYD.
BYD chairman and president Wang Chuanfu met with Apple's CEO Tim Cook, who is visiting Shanghai, at Apple's China headquarters today.
(BYD chairman and president Wang Chuanfu (first from right), meets with Apple CEO Tim Cook (second from right) in Shanghai. Image credit: BYD)
BYD (HKG: 1211, OTCMKTS: BYDDY) chairman and president Wang Chuanfu showed up at Apple's China headquarters in Shanghai on March 20 to meet with the iPhone maker's CEO Tim Cook, who was visiting the city.
The two sides have been cooperating for a long time in areas including the supply and assembly of electronic product parts, and have become important partners to each other, BYD said today.
Leveraging its technological innovation capabilities and manufacturing advantages, BYD provides Apple and other partners with one-stop services in new material development, product design and development, parts and device manufacturing, supply chain management, logistics and after-sales services, it said.
Local media outlet The Paper first reported on the meeting, saying that companies including BYD Electronic (HKG: 0285), Lens Technology (SHE: 300433), and Shenzhen Everwin Precision Technology (SHE: 300115) demonstrated manufacturing technologies or parts and products made for Apple.
Wang and Cook visited BYD's booth together, The Paper noted.
Although BYD is now known as the world's largest new energy vehicle (NEV) maker, it got its start selling electronic components.
Founded in 1995, BYD Electronic has a wide range of businesses including smartphones and laptops, smart devices, automotive smart systems, and healthcare, and in 2007, BYD Electronic went public in Hong Kong.
BYD first entered the automotive industry in 2003 when it acquired Qinchuan, a manufacturer with a license to manufacture automobiles. BYD Electronic OEMs cell phones for smartphone makers, including Huawei.
On August 28, 2023, BYD Electronic announced that it had reached an agreement with US-based manufacturer Jabil Inc to acquire its mobile electronics manufacturing business in China for RMB 15.8 billion ($2.2 billion).
The acquisition would expand BYD Electronic's customer base and product boundaries, and broaden its smartphone parts business, BYD said at the time.
On December 29, 2023, BYD Electronic announced the closing of the transaction for a final transaction price of RMB 14.29 billion.
Although BYD didn't mention Apple, the deal was seen as paving the way for BYD Electronic to supply the iPhone maker, as Jabil was on Apple's previously released supplier list.
($1 = RMB 7.1995)
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