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Foxconni

Foxconn is the world's biggest maker of electronic components. Primarily an original equipment manufacturer, its clients include some of the world’s best known electronics and information technology companies, and products manufactured at its plants include iPads, iPhones, iPods for Apple, Kindles for Amazon, PlayStations for Sony and Xboxes for Microsoft.

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While US security moves only target Chinese investments and trade, China’s responses are rattling investors globally. For a start, Beijing must tamp down its high-profile anti-espionage campaign and review its exit ban.

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Video clips showing thousands of migrant workers fleeing Foxconn’s giant iPhone factory in Zhengzhou on the weekend shocked the world, and once again prove that China needs an exit strategy from zero Covid.

  • Foxconn’s new estimate is rosier than previous statements about ‘conservative and neutral’ expectations for 2024
  • Apple’s biggest supplier beat market estimates in the fourth quarter with US$1.69 billion in profit, but it expects a slight first-quarter revenue decline

Jeff Williams was a guest of honour at a gala celebrating the iPhone assembler’s 50th anniversary, also attended by SoftBank CEO Masayoshi Son and Arm boss Rene Haas.

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The recognition comes as Prime Minister Narendra Modi tries to portray India as Asia’s next manufacturing hub as some supply chains move away from China.

Foxconn, the world’s largest electronics contract manufacturer, did not provide an estimate of the quarterly drop, but said the year’s first three months represent an off-peak season for the industry.

Luxshare is set to buy a 62.5 per cent stake in Taiwanese rival Pegatron’s unit in eastern Jiangsu province, enabling the Shenzhen-based firm to better compete with Apple’s primary supplier Foxconn.

The Taiwanese giant has won approval to invest at least US$1 billion more in a plant it is building in India that will make iPhones and other Apple products, a major ramp-up in its goal of building a hub beyond mainland China.

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The Taiwanese company, formally known as Hon Hai Precision Industry, has been diversifying its business outside mainland China, as tensions rise between Washington and Beijing.

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New Delhi will provide subsidies under a scheme to boost domestic manufacturing and strengthen the South Asian country’s bid to become a major hub in the global electronics supply chain.

Apple supplier Luxshare Precision to invest an additional US$330 million in planned plant in Vietnam as US tech giant’s supply chain diversification continues.

Proportion of India-made iPhones is expected to reach 20 to 25 per cent of the total next year if production expansion goes smoothly, with China output shrinking, TF analyst says.

Chinese authorities are conducting tax audits and reviewing land use by Taiwan’s Foxconn Technology Group on the mainland, state media reported over the weekend.

Chinese authorities are inspecting Foxconn’s facilities in southern Guangdong province and Jiangsu in the east, as well as carrying out on-site investigations into the company’s land use in central Hunan and Hubei provinces.

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Xiaomi’s new alliance with Padget Electronics in India shows how major handset brands are boosting their production in the world’s second-biggest smartphone market.

Foxconn, which makes smartphones for Huawei and Apple, is currently offering a higher hourly rate to workers at its FIH unit in Shenzhen that assembles handsets for the Chinese tech giant than what it pays at its iPhone unit.

It reflects a significant departure from Apple’s previous strategy of selling mostly Chinese-made new devices, as the company adjusts its supply chain.

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The world’s largest iPhone factory has ramped up hiring ahead of the launch of the new handset, as Apple hopes to overcome last year’s supply chain woes and geopolitical tensions.

As rumours swirl of a brewing exodus of Taiwanese manufacturing from the affluent Kunshan county, local workers and factory owners explain why they’re so concerned.