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☆ Fisker shares halted as EV company navigates uncertain future
▼ + stars: | 2024-03-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Shares of Fisker, a California-based electric vehicle startup, were halted Monday. Its sole product, the Fisker Ocean electric SUV, was produced in Austria under contract by third-party manufacturer Magna Steyr. Last year, 10,000 SUVs were produced but, in its earnings report, the company said only about half had been delivered to customers. The video was titled, “This is the Worst Car I’ve Ever Reviewed.”“Do not buy this version of the Fisker Ocean,” reads the video’s description. But, besides its own quality issues, Fisker had to deal with much greater competition from established automakers than had existed when the company was established.

Persons: Fisker’s, Fisker, Henrik Fisker, Marques Brownlee, ” Organizations: CNN, Reuters, Nissan, Magna Steyr, Mercedes, BMW, EV, American YouTube, Consumer, Automotive News, Hyundai, Kia, Ford, General Motors Locations: California, Alaska, Austria, Ohio, American

☆ India’s Quiet Push to Steal More of China’s iPhone Business
▼ + stars: | 2024-02-02 | by ( Alex Travelli | ) www.nytimes.com time to read: 1 min

It is happening in South Indian industrial areas on muddy plots that were once farmland. In Sriperumbudur, people call Apple “the customer,” not daring to say the name of a company that prizes its secrets. Once finished, each will be a tight block of 13 buildings with 24 rooms per floor around an L-shaped hallway. Every one of those pink-painted rooms will have beds for six workers, all women. It’s a ready-made scene from Shenzhen or Zhengzhou, the Chinese cities famous for their iPhone production prowess.

Persons: ”, It’s Organizations: Apple Locations: India, China, Shenzhen, Zhengzhou

☆ Meta’s China quest thaws thin layer of dense cube
▼ + stars: | 2023-11-10 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

In August, the United States banned domestic companies from making some new investments in Chinese tech, including computer chips and artificial intelligence systems. Chinese-based ByteDance, the owner of TikTok, counts the United States as its largest market. Selling virtual reality hardware primarily used for gaming is also an easier way of entering China. CONTEXT NEWSMeta Platforms struck a preliminary deal to sell virtual reality headsets in China through an exclusive partnership with Tencent, the Wall Street Journal reported on Nov. 9. China banned Meta’s Facebook platform from the country in 2009 and subsequently banned its WhatsApp and Instagram services as well.

Persons: Carlos Barria, Susan Li, Joe Biden, China’s Xi, Biden, Meta’s, Meta, ByteDance’s, Apple’s, Lauren Silva Laughlin, Sharon Lam Organizations: Meta, REUTERS, Reuters, HK, Wall Street, Facebook, United, Huawei, Companies, Republican, Tencent, Google, New York Times, Thomson Locations: Menlo Park , California, U.S, China, Beijing, Washington, United States, San Francisco, Texas, Florida, Montana

☆ China issues new bonds to prop up economy as global investors flee at 'unprecedented' pace
▼ + stars: | 2023-10-25 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Foreign fund outflows from China’s so-called A-share market have entered “an unprecedented stage,” Morgan Stanley strategists wrote in a recent note. A-shares are yuan-denominated shares of mainland China firms that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. This seems highly unlikely under Xi.”Even Chinese investors seem to be plagued by a growing lack of faith in the future of the country’s economy. It will hit the economy in an all-around and indiscriminate way,” the fund said in a letter to its investors, which went viral. “Xi might wield vast control in China, but he can’t compel global investors to buy into his vision or risk their capital,” he said.

Persons: ” Morgan Stanley, ”, Alex Capri, Xu jingbai, ICHPL, Brock Silvers, Beijing’s “, Apple’s iPhones, George Magnus, Joe Biden, Goldman Sachs, Derek Scissors, Xi, Craig Singleton, Xi Jinping, “ Organizations: Hong Kong CNN — Investors, Shanghai Stock Exchange, Shenzhen Stock Exchange, Connect, CSI, Foundation, National University of Singapore Business School, Chinese Communist Party, Kaiyuan, “, China’s Taiwan Affairs Office, China Centre of Oxford University, Global, People’s Bank of China, National People’s, Central Huijin Investment, American Enterprise Institute, Dingtai, Foundation for Defense of Democracies Locations: China, Hong Kong, Beijing, China’s, Shanghai, Shenzhen, Hai'an, China's Jiangsu, Capri, United States, ”

☆ Foxconn’s China woes expose supply chain dilemma
▼ + stars: | 2023-10-24 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yet, coming less than 100 days ahead of Taiwan’s presidential election in January, it is difficult to see surprise tax raids on Foxconn as having no geopolitical implications. For multinationals, the tax audits expose Foxconn’s difficulty in navigating the global business environment as tensions across the Taiwan Strait escalate. For global onlookers anxious to reduce their Chinese dependency, Foxconn could be the most telling case on the true cost of reshoring. The audits come less than three months ahead of Taiwan’s presidential election in January 2024 and amid Foxconn’s drive to expand its production outside China. Foxconn’s founder Terry Gou, who stepped down as company chief in 2019, is running as an independent candidate in Taiwan’s upcoming presidential election.

Persons: Foxconn, Terry Gou, It’s, Foxconn’s, Lisa Jucca, Thomas Shum, Katrina Hamlin Organizations: Reuters, Apple, Hai Precision Industry, Global Times, Eastern, Democratic Progressive Party, Foxconn, Thomson Locations: HONG KONG, China, Taiwan, Foxconn, Beijing, Vietnam, Republic, Shanghai, Taipei

☆ Taiwan’s Foxconn to build ‘AI factories’ with Nvidia
▼ + stars: | 2023-10-18 | by ( Eric Cheung | ) edition.cnn.com time to read: +5 min

Taipei CNN —Taiwan’s Foxconn says it plans to build artificial intelligence (AI) data factories with technology from American chip giant Nvidia, as the electronics maker ramps up efforts to become a major global player in electric car manufacturing. Foxconn Chairman Young Liu and Nvidia CEO Jensen Huang jointly announced the plans on Wednesday in Taipei. The duo said the new facilities using Nvidia’s chips and software will enable Foxconn to better utilize AI in its electric vehicles (EV). Nearly 14 million electric cars will be sold in 2023, it projected. REUTERS/Ann Wang Ann Wang/ReutersDuring last year’s tech day, Liu told reporters that the company hoped to build 5% of the world’s electric cars by 2025.

Persons: Taipei CNN — Taiwan’s Foxconn, Young Liu, Jensen Huang, ” Huang, “, ” Liu, Foxconn, ”, Kylie Huang, Ann Wang Ann Wang, Liu, Chiang Shang, TSMC, Jun Seki, Bill Russo, Automobility, Tesla, ‘ I’m, ’, ” Hanna Ziady Organizations: Taipei CNN, Nvidia, Foxconn, Global, International Energy Agency, Hai Technology Group, Daiwa, Tech, REUTERS, Reuters, Lordstown Motors, General Motors, EV, Nissan Motor, Infineon Technologies Locations: Taipei, Taiwan, Kaohsiung, EVs, Ohio, Chiang, German, Shanghai

☆ China Denies Banning iPhones, but Cites Unspecified Security Concerns
▼ + stars: | 2023-09-13 | by ( David Pierson | More About David Pierson | ) www.nytimes.com time to read: +1 min

China on Wednesday made its first public comments about reports that the government is restricting the use of Apple’s iPhones by some state employees, saying that Beijing had noted what it claimed were security concerns about the device. She pointed to what she described as “media reports” about security flaws in the iPhone, without elaborating. She also said China had not published “any law, regulation or policy document” banning the purchase or use of foreign cellphones, including those made by Apple. The comments come after some employees of government agencies have said they have had been told not to use iPhones for work. Notices issued to government employees and state-owned businesses, calling for usage of domestic brands of cellphones, have also been circulating online.

Persons: Mao Ning Organizations: Foreign Ministry, Apple Locations: China, Beijing

China accounts for 19% of Apple’s revenue, and less than 1% of the population works in the government. At 28 times forward earnings, Apple's current multiple, about $8 billion of value goes away. That’s 0.2% of Apple’s market capitalization. On Apple’s multiple, that’s $188 billion, or 7% of the company’s current market capitalization. The biggest problem, however, is Apple’s current valuation.

Persons: Aly, iPhones, Xi Jinping, Robert Cyran, Yawen Chen, Lauren Silva Laughlin, Sharon Lam Organizations: Apple, REUTERS, Reuters, China Mobile, HK, U.S, Congress, Huawei, China, Wall Street, Bloomberg, Thomson Locations: Shanghai, China, Republic, New York, London

☆ Apple’s iPhones Winning Over Gen Z—and the World’s Premium Market
▼ + stars: | 2023-02-27 | by ( Jiyoung Sohn | ) www.wsj.com time to read: 1 min

Apple’s clout has been growing in South Korea, where it now has four stores and where Samsung’s Android smartphones have held sway. SEOUL—Consumers around the world are increasingly choosing Apple Inc.’s iPhones over high-end Android smartphones, with younger users seen as pushing the company toward the level of dominance in the market globally that it has enjoyed in the U.S.From Europe to Asia, Apple’s market lead in the premium bracket is growing, and polls show that people in their teens and early 20s, known as Gen Z, increasingly see the iPhone as a must-have. Converts say they are drawn by its design, cameras and AirDrop features for sharing photos.

☆ IPhone maker Foxconn reveals its electric car future
▼ + stars: | 2022-10-18 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

Lordstown Motors sold the factory to Foxconn earlier this year while Foxconn, in turn, agreed to build Lordstown’s electric pickup, the Endurance, there. Another California-based startup, Indi EV, has also agreed to have Foxconn build its car, the Indi One, there. Aside from road-going automobiles, Foxconn has also agreed to build an electric farm tractor, the Monarch MK-V, at the factory. Luxgen’s parent company, Yulon Group, and Foxconn created a joint venture called Foxtron in 2021 to develop and manufacture electric vehicles. Various Foxconn companies are part of an large industry group called the MIH, or Mobility in Harmony, consortium, which is jointly developing the basic electric vehicle engineering platform that underlies Foxconn’s electric vehicles.

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