Foxconn to Expand Investment Outside China - 16 March 2023

 

  • Apple Inc supplier Foxconn on Wednesday said it plans to ramp up investment outside of China and sweats to attract automakers to its contract manufacturing business, as the company reported weaker demand for consumer electronics.
  • Foxconn, which assembles around 70 iPhones, has been diversifying products down from China, whose strict COVID restrictions disintegrated its biggest iPhone factory last time. The company also seeks to avoid an implicit megahit to its business from mounting trade pressures between Beijing and Washington.“ It’s client demand that guides our considerations on how to emplace our production capacity in the ICT field, ” Foxconn Chairman Liu Young- way said on an earnings call,  pertaining to information and dispatch technology. 
  • He said the expansion was demanded in countries similar to the U.S., Vietnam, India, Mexico, and China, “in response to client and force chain adaptations ”. Foxconn didn’t say how important its investment would increase by this time. 

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