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Trading as Foxconn, Hon Hai Precision Industry is the world's biggest maker of electronic components by revenue. Primarily an original equipment manufacturer, the company is best known as a supplier to Apple, but also counts Microsoft, Amazon, HP and Sony among its clients. Foxconn has also sought to break into new sectors, including electric vehicles and space satellites. Over the years, the company has been embroiled in a number of controversies over pay to its workers and employee suicides.
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.
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.
- During Tim Cook’s visit to Vietnam, Apple says it will raise investments on suppliers in the Southeast Asian country
- The CEO, who visited China just three weeks ago, has become a subject of satirical comments from Chinese internet users
Senior Foxconn managers have discussed the rotating CEO plan for several months, three sources with direct knowledge of the matter say.
At a time when the global euphoria about AI has propelled a three-fold surge in Nvidia’s stock, investors are pointing toward emerging markets for better value and a bigger pool of options.
Foxconn’s new estimate is rosier than previous statements about ‘conservative and neutral’ expectations for 2024.
China’s Luxshare is a key assembler of Apple products including AirPods, the iPhone and Vision Pro.
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.
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.
The Apple supplier has set up a new venture in Zhengzhou to sharpen its focus on the electric vehicle industry.
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.
Border dispute between Asian giants coupled with economic deals involving Taipei have fuelled quiet shift in New Delhi’s posture.
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.
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.
The current production capacity for Huawei’s Mate 60 Pro 5G smartphone cannot meet demand, resulting in wait time for orders of up to three months.
Foxconn-made LEO satellites took off aboard a SpaceX rocket from southern California on Saturday in a bet on corporate and government use.
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.
Analysts say the investigation into the tech giant could end up helping Taiwan’s pro-independence camp.
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.
Luxshare serves as the assembler of Apple’s new Vision Pro mixed-reality headset, which is expected to be launched early next year.
Foxconn and Nvidia plan to build ‘AI factories’ globally, creating a new type of manufacturing anchored on artificial intelligence.
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.
The mammoth Taiwan firm already has an iPhone factory employing 40,000 people in the state of Tamil Nadu.
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.
