Apple Inc (NASDAQ: AAPL) supplier Hon Hai Precision Industry Co., Ltd.-ADR (OTC: HNHPF), popularly known as Foxconn, and Geely Automobile Holdings Ltd. (Pink: GELYF) announced Wednesday a cooperative agreement to set up a 50-50 joint venture to provide OEM production and comprehensive, customized consulting services to global automakers.The product and service offerings the venture is contemplating include whole vehicles, parts, intelligent drive systems, automotive ecosystem platforms and the EV industry value chain. The board of the new venture will comprise five members, with Foxconn appointing three, including the chairman, and Geely appointing the remaining two.Related Link: What iPhone Supplier Foxconn’s Strong Quarterly Revenue Means For Apple Why It Matters: The joint venture will leverage Foxconn’s expertise in R&D technology, intelligent manufacturing and hardware-software integration capabilities.It is touted as a highly complementary partnership which helps to better serve and meet the diverse needs of different customers, and offer the most advanced, fastest, cost-effective full value-chain vehicle production service platform.The joint venture will revolutionize the automotive industry model by introducing the Information and Communication Technology division of labor to help automakers accelerate their transition to new innovative and efficient manufacturing processes and business models based on Connected, Autonomous, Shared, and Electrified technologies, the companies said.The news is important in the wake of Apple’s quest to reignite its EV ambitions. Analysts expect the tech giant to forge partnerships with multiple automakers to bring the Apple Car venture to fruition.Apple could be looking to replicate the success of its iPhone business model in an EV venture and outsource manufacturing to its Taiwanese contractors, according to a Nikkei report.Foxconn already has a partnership with Chinese EV maker Byton for the manufacture of the latter’s M-Byte EV.Related Link: XPeng Analyst: Automaker Leads Chinese EV Market In Autonomous Driving See more from Benzinga * Click here for options trades from Benzinga * Why Plug Power’s Lead In Fuel Cell, Hydrogen Space Could Create ‘Outsized Winner’ * Intel Shares Hit 6-Month High As Chipmaker Replaces CEO Bob Swan With VMware’s Gelsinger(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.