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☆ Apple supplier Foxconn sees strong 2024 as Q4 beats forecasts
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: +2 min

The outlook has turned rosier since Foxconn Chairman Young Liu said in November the world's largest contract electronics maker had "relatively conservative and neutral" expectations for 2024. The profit beat a T$43.52 billion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate. In the fourth quarter, consumer electronics including smartphones accounted for 58% of revenue while cloud and networking products, including servers, contributed 20%. Foxconn said it expects revenue for the first quarter to slightly decline from a year earlier, with revenue for smart computer electronics also likely to drop in the period. Apple last month reported sales and profit that beat Wall Street estimates, powered by growth in its iPhone business though its China sales missed analysts' targets.

Persons: 20JUL16 SCMP, Nora Tam, Foxconn, Young Liu Organizations: South China Morning, Getty, Foxconn, Hai Precision Industry Co, Apple, Wall Locations: Foxconn, Longhua, Shenzhen, 20JUL16, South, China

☆ Foxconn raises Q4 outlook on strong year-end holiday sales
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

The logo of Foxconn is seen outside the company's building in Taipei, Taiwan November 10, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Dec 5 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker and a major Apple (AAPL.O) supplier, on Tuesday raised its outlook for the fourth quarter on strong year-end sales for the holiday peak season. The fourth quarter is traditionally the hot season for Taiwan's tech companies as they race to supply smartphones, tablets and other electronics to major vendors such as Apple for the year-end holiday period in Western markets. "Therefore, the outlook for the fourth quarter should be better than the original guidance for 'significant growth'", the company added, without elaborating. For components and other products, revenue in November showed strong year-on-year growth "due to increasing allocations in smart consumer electronics products and rising shipments in auto components", it added.

Persons: Ann Wang, Foxconn, Ben Blanchard, Sarah Wu, David Goodman Organizations: REUTERS, Rights, Apple, Hai Precision Industry Co, Revenue, Foxconn's, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, Zhengzhou, Foxconn's Taipei

☆ Foxconn sticks to strong end-of-year sales outlook
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +2 min

A Foxconn shareholder poses for photos after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Nov 5 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker and a major Apple supplier, on Sunday stuck to its previous outlook of strong year-end holiday sales, and said customers were buying well in China and the United States. Foxconn said in a statement that with the second half of the year a "traditional peak season" for consumer tech products, operations "will ramp up sequentially", sticking to its outlook given last month. "Significant growth outlook in the fourth quarter compared to the third quarter remains unchanged," it added, without elaborating. Foxconn releases third-quarter earnings on Nov. 14, when it will give more details on its outlook.

Persons: Ann Wang, Foxconn, Ben Blanchard, David Goodman, Christopher Cushing Organizations: REUTERS, Rights, Apple, Hai Precision Industry Co, Revenue, Thomson Locations: New Taipei City, Taiwan, Rights TAIPEI, China, United States, Taipei

☆ Foxconn founder Terry Gou lies low in Taiwan election as China tax probe reverberates
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +6 min

[1/2] Terry Gou, founder of Taiwan's Foxconn poses for pictures while saluting during a news conference in Taoyuan, Taiwan April 5, 2023. But three months out from the election, Gou, whose net worth is estimated by Forbes at $6.7 billion, has gone to ground. China claims Taiwan as its own and believes Lai, who leads opinion polls, is a separatist bent on a formal declaration of independence. Since the Global Times report came out, Gou's team has declined to comment, referring questions to Foxconn itself. Gou remains a lauded figure at Foxconn after stepping down as chairman in 2019, referred to reverentially as "the founder".

Persons: Terry Gou, Taiwan's, Carlos Garcia Rawlins, Taiwan's Terry Gou, Gou, Lai Ching, Lai, Steve Jobs, Foxconn, Democratic Progressive Party's, reverentially, Xi Jinping, Ben Blanchard, Sonali Paul Organizations: REUTERS, Rights, Apple, Forbes, Global Times, Taiwan, Democratic Progressive, DPP, Taiwan People's Party, Hai Precision Industry Co Ltd, Chicago, Atari, Dell, Sony Corp, Nintendo Co, Microsoft Corp, Communists, Communist Party's, Thomson Locations: Taoyuan, Taiwan, Rights TAIPEI, China, Foxconn, Beijing, Kuomintang, People's Republic of China

☆ Foxconn shares drop after report of China tax audit, land use probe
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +3 min

A woman drives past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. The Global Times did not give details of the tax or land use probes, which have not been officially announced by any Chinese government department. The Chinese state media report comes less than three months before Taiwan votes in presidential and parliamentary elections. Speaking at a campaign rally on Sunday, Taiwan Vice President Lai Ching-te, the DPP's presidential candidate and leading the polls, said the Chinese report on the investigation was "unexpected" and "regretful". Foxconn shares were down 2.4% at 0204 GMT, underperforming the broader Taiwanese market (.TWII).

Persons: Ann Wang, Foxconn, Terry Gou, Taiwan's, Huang Shih, Gou, Lai Ching, Hai, Ben Blanchard, Jacqueline Wong, Edwina Gibbs, Sonali Paul Organizations: REUTERS, Rights, Global Times, Hai Precision Industry Co, Democratic Progressive Party, Taiwan, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, China, China's, Henan, Hubei, Zhengzhou, India, U.S

☆ Cramer explains what geopolitical upheaval means for the stock market
▼ + stars: | 2023-10-23 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. "There is a strong belief in this country that geopolitical events will crush the stock market," Jim Cramer said Monday. But the stock yields a 4.65% dividend, and management is buying back $1 billion to $1.5 billion in stock each quarter. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Morgan Stanley, Hess, James Gorman, Jim, Jim Cramer's Organizations: CNBC, Treasury, Revenues, Chevron, Federal Reserve, Apple, Hai Precision Industry Co Locations: China, Beijing

BANGKOK (AP) — Foxconn, a Fortune 500 company known globally for making Apple iPhones, was recently subjected to searches by Chinese tax authorities, state media reported Sunday. Foxconn, a Taiwanese -headquartered company officially registered as Hon Hai Precision Industry Co., Ltd, had its offices in Guangdong and Jiangsu provinces searched by tax officials, according to a report in the Chinese state-run Global Times newspaper. The Ministry of Natural Resources also inspected Foxconn offices in Henan and Hubei provinces, where the company has major factories. The report did not provide more details about the searches, including when they occurred or what was found. In recent years, China has banned pineapples, grouper fish and other agricultural products from Taiwan for import.

Persons: —, Terry Gou, Gou Organizations: Fortune, Apple, Hai Precision Industry Co, Global Times, Natural Resources, Chinese Communist Party Locations: BANGKOK, Taiwanese, Guangdong, Jiangsu, Henan, Hubei, Foxconn, China, Taiwan

"The fourth quarter should see significant growth compared to the third quarter," it added, without elaborating. Foxconn, formally called Hon Hai Precision Industry Co Ltd, said revenue last month reached T$660.7 billion ($20.46 billion), down 19.7% year-on-year but soaring 60.1% from August. Revenue in its smart consumer electronics products, including smartphones, saw strong growth month-on-month "due to new product launches in September", Foxconn said. Foxconn is the world's biggest iPhone assembler, but has been trying to diversify into electric vehicles. It added that September year-on-year revenue for cloud and networking products, which includes servers, declined due to "conservative customer pull-in".

Persons: Dado Ruvic, Foxconn, Ben Blanchard, Sarah Wu, Kim Coghill Organizations: REUTERS, Apple, Hai Precision Industry Co, Revenue, Thomson Locations: TAIPEI, Taipei, Taiwan

☆ Foxconn's August sales drop 8% y/y, Q3 outlook better
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

A Foxconn shareholder poses for photos after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. Foxconn (2317.TW), formally called Hon Hai Precision Industry Co Ltd, said revenue last month reached T$412.83 billion ($12.93 billion), down 12% from July. Other businesses, including computing products such as PCs and cloud and networking products, declined from a year ago, Foxconn said, without elaborating. Foxconn's Taipei-listed shares closed up 0.5% on Tuesday ahead of the release of its August sales, compared with flat in the broader market (.TWII). ($1 = 31.9170 Taiwan dollars)Reporting by Yimou Lee and Ben Blanchard; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Foxconn, Yimou Lee, Ben Blanchard, Robert Birsel Organizations: REUTERS, Rights, Apple, Hai Precision Industry Co, Revenue, Thomson Locations: New Taipei City, Taiwan, Rights TAIPEI, China, Foxconn's Taipei

Terry Gou, Foxconn founder announces his bid for the Taiwan presidency during a press event in Taipei, Taiwan August 28, 2023. Before he announced his bid to run as an independent on Monday, Gou had sought the KMT ticket for the presidency but failed. But his direct language, along with his business acumen, has drawn crowds in pseudo-campaign events across Taiwan that Gou held in the run-up to his announcement. He showed me how to use the touch screen on the spot," Gou said in 2011 about his relationship with Jobs. Gou told Trump he wanted to be a peacemaker between Taiwan, China and the U.S. as Taiwan's president.

Persons: Terry Gou, Ann Wang, Taiwan's Terry Gou, Democratic Progressive Party's, Gou, Sung Wen, APPLE Gou, Foxconn, Steve Jobs, Jobs, reverentially, Xi Jinping, Donald Trump, Trump, Ben Blanchard, Yimou Lee, Sarah Wu, Raju Gopalakrishnan Organizations: REUTERS, Rights, Apple Inc, Foxconn, Democratic Progressive, DPP, Kuomintang, KMT, Taiwan People's Party, National University's Taiwan Studies, APPLE, Hai Precision Industry Co Ltd, Chicago, Atari, Dell, Apple, Sony Corp, Nintendo Co, Microsoft Corp, Communists, Communist Party's, Thomson Locations: Taiwan, Taipei, Rights TAIPEI, China, Beijing, Shanxi, Guangdong, People's Republic of China

☆ Foxconn's July sales drop 1.23% y/y, Q3 outlook better
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +1 min

The company said revenue was the second-highest for the month of July, thanks to "customers' increasing pull-in" for its smart consumer electronics products, including smartphones. That segment recorded double-digit growth from a year ago, it said, as major vendors such as Apple gear up for new product launches later this year. Other businesses, including computing products such as PCs and cloud and networking products, declined from a year ago, the company said, without elaborating. The first half of the year is traditionally slower for Taiwan tech manufacturers as major electronics vendors including Apple launch new products near the year-end holiday season. Second-quarter revenue dropped 13.8% year-on-year, in line with the company's expectations, Foxconn said in July.

Persons: Dado Ruvic, Foxconn, Yimou Lee Organizations: REUTERS, Apple, Hai Precision Industry Co, Taiwan, Thomson Locations: TAIPEI, Taiwan

☆ Foxconn Q2 sales slip 14%, Q3 outlook brighter ahead of year-end peak
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, July 5 (Reuters) - Taiwan's Foxconn, a major iPhone assembler for Apple Inc (AAPL.O), said on Wednesday that second quarter revenue dropped 13.8% year-on-year but the outlook for the third quarter was brighter ahead of peak shopping season at the end of the year. "With the second half of the year peak season currently underway, operations will gradually ramp up," the company said. "The outlook for the third quarter, which will be better than the second quarter, is expected to increase at an on quarter pace higher than seen in the previous two years," it said. Foxconn reports its second quarter earnings on Aug. 14. Foxconn posted a 56% plunge in first-quarter net profit, lagging forecasts in its biggest quarterly fall in three years.

Persons: Foxconn, Ben Blanchard, Robert Birsel Organizations: Apple Inc, Hai Precision Industry Co Ltd, Taiwan, Apple, Sharp Corp, Thomson Locations: TAIPEI, Taiwan

SEOUL, June 30 (Reuters) - A South Korean chip executive imprisoned over industrial espionage charges rejected allegations he had sought to build a copycat chip factory in China with sensitive information developed by Samsung Electronics. Choi is in custody at a detention centre in Suwon, a city south of Seoul where Samsung has its headquarters. Neither Foxconn or companies contracted build the Samsung plant were accused of any wrongdoing. A NAND flash chip is a storage chip that retains data even when a device is turned off, unlike a DRAM chip which loses data when the power is off. "What we were planning to build was a R&D fab and there is no R&D fab at (Samsung's) Xian plant.

Persons: Choi Jinseog, Choi, Taiwan's Foxconn, aren't, Foxconn, Kim Pilsung, XIAN Choi, Roh Hwa, Kim, Heekyong Yang, Josh Ye, Ben Blanchard, Miyoung Kim, Lincoln Organizations: Samsung Electronics, Reuters, Prosecutors, Samsung, Hai Precision Industry Co, Thomson Locations: SEOUL, Korean, China, KS, Xian , China, Suwon, Seoul, Xian, Qingdao, South, Hong Kong, Taipei

The announcement did not name Choi and gave only limited details, although some media subsequently identified Choi and his links with Foxconn. The unreleased 18-page indictment, reviewed by Reuters, provides details in the case against Choi, including how he is alleged to have stolen Samsung's trade secrets and details about the planned Foxconn plant. Choi's Singapore-based consultancy Jin Semiconductor won the contract with Foxconn around August 2018, according to the indictment. According to the indictment, the new Foxconn plant had planned capacity of 100,000 wafers per month using 20-nanometre DRAM memory chip technology. However, Foxconn ended the contract just a year later and only paid salaries related to the project, the lawyer said.

Persons: Kim Hong, Choi Jinseog, Taiwan's Foxconn, Choi, Kim Pilsung, Cho Young, sik, Samoo, Choi's, Chung Chan, Kim, Foxconn, Cho, HanmiGlobal, Chung, Lee Jong, Lee, Jin Semiconductor's, Yoon Suk, 1,294.4600, Heekyong Yang, Ben Blanchard, Chen Lin, Josh Ye, Miyoung Kim, Lincoln Organizations: Samsung Electronics, REUTERS, Samsung, South, Prosecutors, Reuters, Jin Semiconductor, Foxconn, Samoo Architects & Engineers, Google, SK Hynix, Samsung's, Sangmyung University, Hai Precision Industry Co Ltd, South Korean, Thomson Locations: Suwon, South Korea, SEOUL, China, Choi's Singapore, Xian , China, HanmiGlobal, South, CHINA, United States, Taipei, Singapore, Hong Kong

☆ Foxconn's May sales drop 9.5% y/y on smartphone weakness
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

The first half of the year is traditionally slower for Taiwan tech manufacturers as major electronics vendors including Apple launch new products near the year-end holiday season. Apple (AAPL.O) results for the quarter ended April 1 beat expectations, helped by better-than-expected iPhone sales and inroads in India and other newer markets. However, Foxconn posted a 56% plunge in first-quarter net profit, lagging forecasts in its biggest quarterly fall in three years. It took a $565 million write-off linked to its 34% stake in Japanese electronics maker Sharp Corp (6753.T) and said visibility for the full year was limited. Foxconn shares have risen 7.6% so far this year, lagging the broader Taiwan market (.TWII), which is up 18.2%.

Persons: Foxconn, Ben Blanchard, Jacqueline Wong Organizations: Apple Inc, Hai Precision Industry Co, Taiwan, Apple, Sharp Corp, Thomson Locations: TAIPEI, India, Taiwan

☆ Foxconn sees AI driving strong server demand, but full year to be flat
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

"You can see the market for AI servers will rise much faster than expected. The Taiwanese company has a 40% global market share for servers and aims to further increase that, Liu added. In the first quarter, Foxconn's cloud and network products segment, which includes servers, accounted for 22% of revenue, second only to smart consumer electronics - which includes smartphones - at 56%. Foxconn, which assembles around 70% of iPhones, has been diversifying production away from China, whose strict COVID-19 restrictions disrupted its biggest iPhone plant last year. Liu said China, including its massive iPhone plant in China's Zhengzhou, remained very important for Foxconn.

Persons: Liu Young, Liu, Foxconn, Jun Seki, Ben Blanchard, Faith Hung, Christopher Cushing Organizations: Apple Inc, Hai Precision Industry Co, General Motor Co, Nissan, EV, Thomson Locations: TAIPEI, Lordstown , Ohio, EVs, Taiwan, United States, Indonesia, India, China, Beijing, Washington, China's Zhengzhou

☆ India poised to deny funding for Vedanta-Foxconn chip venture - Bloomberg News
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

[1/2] A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui//File Photo/File PhotoMay 31 (Reuters) - The Indian government is poised to deny crucial funding for Anil Agarwal's chip venture, Bloomberg News reported on Tuesday, a setback to the billionaire's ambition to build India's 'own Silicon Valley.' The venture's application seeking billions in government assistance hasn't met the criteria set by the government, the report said. Foxconn declined to comment on the report, while India's technology ministry and Vedanta did not immediately respond to Reuters requests for comment. "India's own Silicon Valley is a step closer now," Agarwal had said last year after the announcement.

Persons: Danish Siddiqui, Anil Agarwal's, Taiwan's Foxconn, hasn't, Foxconn, Foxconn –, –, Agarwal, Anusha, Shailesh Organizations: Vedanta, REUTERS, Danish, Bloomberg, Hai Precision Industry Co, Thomson Locations: Mumbai, India, Gujarat, Bengaluru

Foxconn struck a deal in November to take a near-20% stake in the money-losing U.S. firm for up to $170 million. It has since invested $52.7 million and is balking at purchasing additional shares, citing a breach of their agreement, Lordstown said. "There is substantial doubt regarding our ability to continue as a going concern," Lordstown said in a filing, referring to its dispute with Foxconn over the investment deal. Their course of conduct has resulted in material — and what is becoming irreparable — harm to the company," Lordstown said in a statement. Lordstown shares, which at one point tumbled more than 50% on Monday, closed down 23%, or 12 cents, at 40 cents, in heavy trading.

☆ Foxconn plans $800 mln investment in southern Taiwan
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: 1 min

TAIPEI, April 9 (Reuters) - Foxconn (2317.TW) is planning to invest T$25 billion ($820 million) in the next three years in new manufacturing facilities in southern Taiwan to support its electric vehicle (EV) ambitions, the company said on Sunday. The company, formally called Hon Hai Precision Industry Co Ltd, said the investments in Kaohsiung will include plants for making electric buses and batteries for EVs. Foxconn, a major Apple Inc (AAPL.O) supplier and iPhone assembler, has big ambitions in the EV market as it seeks to diversify its revenue base. ($1 = 30.3930 Taiwan dollars)Reporting by Ben Blanchard and Emily Chan; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Foxconn Q1 sales edge up, but Q2 outlook poor
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

The rise in sales for the first three months of the year, to T$1.46 trillion, was a fresh record high for the same period, and in line with previous guidance, Foxconn (2317.TW), formally called Hon Hai Precision Industry Co Ltd, said. For smart consumer electronics products, which includes smartphones, revenue in March declined due to new product launches in the same period last year. More than half of Foxconn's revenue comes from consumer electronics. Foxconn shares have risen 4.1% so far this year, lagging the broader Taiwan market (.TWII) which is up 12.2%. (This story has been corrected to change figure to T$1.46 trillion from T$1.42 billion in paragraph 3)Reporting by Ben Blanchard, Editing by Louise Heavens and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Chinese suppliers race to Vietnam as COVID let-up opens escape route from Sino-U.S. trade war
▼ + stars: | 2023-03-16 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +6 min

Adding impetus to the move is the increasing cost of labour in China, expanding U.S. restrictions on high-tech-related trade with China, and tit-for-tat tariffs from a Sino-U.S. trade war that triggered a past wave of Chinese investment in Vietnam. "Enquiries from Chinese firms about manufacturing investment in Vietnam grew exponentially in the last quarter of last year," said Michael Chan, senior director of leasing at industrial real estate specialist BW Industrial Development. "Chinese investment has also increased remarkably," he said. Chinese firms also experience longer times to obtain staff visas and work permits, said Filippo Bortoletti, who heads the Vietnamese unit of investment consultancy Dezan Shira. "Chinese companies move here mostly to serve their clients who moved earlier," said BW Industrial Development's Chan.

TAIPEI, March 15 (Reuters) - Apple Inc supplier Foxconn (2317.TW) on Wednesday said it plans to ramp up investment outside of China and efforts to attract automakers to its contract manufacturing business, as the company reported weaker demand for consumer electronics. Foxconn, which assembles around 70% of iPhones, has been diversifying production away from China, whose strict COVID restrictions disrupted its biggest iPhone plant last year. The company also seeks to avoid a potential hit to its business from mounting trade tensions between Beijing and Washington. "Foxconn will actively expand its EV business in North America and work more comprehensively with traditional and start-up car makers," Liu said. Liu said revenue from EV components is expected to rise sharply to between T$50 billion and T$100 billion this year from T$20 billion last year.

For now, by building in Ohio, Foxconn can offer customers access to U.S. federal incentives under the Inflation Reduction Act, Daiwa Capital Markets analyst Kylie Huang said. That's a selling point as traditional automakers juggle building gasoline-powered vehicles with plans to build their own EV capacity. "If they don't get one this year, next year will be more difficult," Huang said of Foxconn's search for an EV contract with a traditional automaker. "Sooner or later, maybe the top, traditional (automakers) say, 'Hey, I want to become a product marketing company. Foxconn wants to build around 300,000 EVs at the plant, Ian Upton, director of production control at Foxconn Ohio, told Reuters.

☆ Taiwan's Foxconn seeks chip, EV cooperation with India
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

Taiwan's Foxconn, the world's largest contract electronics maker and formally called Hon Hai Precision Industry Co Ltd, said Liu had visited India from Feb. 27 to Saturday. "My trip this week supported Foxconn's efforts to deepen partnerships, meet old friends and make new ones, and seek cooperation in new areas such as semiconductor development and electric vehicles," Liu said in a statement. Foxconn has ambitious plans to make EVs, and is also looking to make chips. He did not mention any new concrete investment plans in the country, and Foxconn has not announced any since his trip. Currently, iPhones are assembled in India by at least three of Apple's global suppliers - Foxconn and Pegatron (4938.TW) in Tamil Nadu, and Wistron in Karnataka.

☆ Foxconn chairman to visit COVID-hit iPhone plant in China -source
▼ + stars: | 2023-02-21 | by ( Sarah Wu | ) www.reuters.com time to read: +1 min

TAIPEI, Feb 21 (Reuters) - Foxconn Chairman Liu Young-way departed on Tuesday for a four-day inspection of the company's iPhone plant in Zhengzhou, China, a source with direct knowledge of the matter said. Foxconn (2317.TW), formally known as Hon Hai Precision Industry Co, declined to comment. The source declined to be identified as they were not authorised to speak to the media. The Taiwanese company's iPhone plant was hit late last year by a COVID-19 outbreak that prompted thousands of worker departures and unrest, as well as production disruptions. In January, Foxconn said output at its Zhengzhou plant had "basically returned to normal."

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