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☆ Apple iPhone maker Foxconn to invest $1.5 billion in India as it looks to build beyond China
▼ + stars: | 2023-11-27 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

A factory at the mobile phone plant of Rising Stars Mobile India, a unit of Foxconn in Tamil Nadu, India, on July 12, 2019. Foxconn Technology will invest more than $1.5 billion in an Indian construction project to fulfill the Apple supplier's "operational needs," the company announced in Taiwanese security filings Monday. Foxconn is a major Apple supplier and has significant operations in mainland China. Those lockdowns, alongside general geopolitical tumult, have prompted Apple suppliers such as Foxconn to reassess their concentrated presence in China. Foxconn has already announced multiple projects inside India, including a $600 million project in Karnataka state and a $500 million factory in Telangana state.

Persons: Foxconn Organizations: Stars Mobile India, Foxconn Technology, Apple, Technology, Technology India Mega Development Locations: Tamil Nadu, India, Technology India, Maharashtra, China, Karnataka, Telangana

☆ Apple supplier Foxconn posts surprise 11% jump in third-quarter profit
▼ + stars: | 2023-11-14 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

Ceng Shou Yi | Nurphoto | Getty ImagesApple iPhone supplier Foxconn, officially known as Hon Hai, on Tuesday reported third-quarter profit rose 11.27% from a year ago, beating analysts' expectations despite an ongoing consumer electronics slump. Foxconn reported a NT$38.75 billion net profit in the same period a year ago. watch now"Volumes declined year-on-year largely due to slower than expected recovery in consumer demand. Research firm Canalys said last week that the global smartphone market is seeing a slowdown in its decline. The ongoing electronics slump has badly impacted the global smartphone market.

Persons: Hai Group's, Ceng Shou Yi, Hai, Foxconn, Canalys, Amber Liu, Liu Organizations: Getty, Apple, Hai Technology Group, Counterpoint Research, Research, Huawei Locations: Taipei, Taiwan, Mainland China

☆ Apple supplier Foxconn says it will cooperate with Chinese authorities on tax, land use investigations
▼ + stars: | 2023-10-23 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Apple supplier Foxconn, officially known as Hon Hai , said it will cooperate with Chinese authorities on investigations, following a report that officials are conducting tax audit inspections and reviewing land use of Foxconn subsidiaries. State media Global Times reported on Sunday, citing unnamed sources, that multiple offices of Hon Hai's subsidiaries across China had been subjected to tax audits and on-site investigations into land use. Hon Hai Technology Group is the world's largest contract electronics manufacturer. "Legal compliance everywhere we operate around the world is a fundamental principle of Hon Hai Technology Group (Foxconn). Hon Hai's Taipei-listed shares fell 3.29% in early Monday morning trade.

Persons: Hai, Hai's Organizations: Foxconn, Global Times, Hai Technology Locations: China, Hai's Taipei

☆ Foxconn faces tax audit, land use probe, Chinese state media reports
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +1 min

A woman drives past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsBEIJING, Oct 22 (Reuters) - Taiwan's Foxconn (2317.TW), the largest supplier of Apple (AAPL.O) iPhones, is the subject of tax audits in China at some of its key subsidiaries, suspected of violating laws and regulations, Chinese state media reported on Sunday. China's natural resources department also conducted on-site investigations on the land use of Foxconn enterprises in Henan and Hubei provinces and elsewhere, the nationalist tabloid the Global Times reported. Zhang Wensheng, deputy dean of the Taiwan Research Institute of Xiamen University, told the Global Times the audit and land use investigations was a normal procedure that would apply to any enterprise suspected of violating laws and regulations. Reporting by Ethan Wang and Bernard Orr; Editing by Lincoln Feast and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Foxconn, Zhang Wensheng, Zhang, Ethan Wang, Bernard Orr, Lincoln, William Mallard Organizations: REUTERS, Rights, Apple, Global Times, Hai Technology, Taiwan Research Institute, Xiamen University, Thomson Locations: Taipei, Taiwan, Rights BEIJING, China, Henan, Hubei

☆ Foxconn, Apple’s Manufacturer in China, Is Said to Be Under Tax Audit
▼ + stars: | 2023-10-22 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

Foxconn, whose full name is Hon Hai Technology Group, issued a statement hours later that said the company would comply with its legal obligations: “Legal compliance everywhere we operate around the world is a fundamental principle of Hon Hai Technology Group (Foxconn). “The two sides exchanged views on Apple’s development in China, industrial chain supply chain cooperation and other issues,” the ministry said in a statement afterward. In recent months, central government authorities have warned local and provincial governments facing budget shortfalls not to use arbitrary fines to raise money. Beijing is trying hard to woo foreign investment to strengthen economic growth and maintain China’s leading role in global supply chains. The two developers that vied for national leadership over the past several years, China Evergrande and Country Garden, are in peril, unable to make punctual debt payments.

Persons: Foxconn, Tim Cook, Jin Zhuanglong Organizations: Hai Technology Group, Hai Technology, Study Times, Communist, Central Party School Locations: Beijing, China

☆ Hon Hai's 'disruptive business models' will help it compete in the EV market, says CEO
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHon Hai's 'disruptive business models' will help it compete in the EV market, says CEOYoung Liu, CEO and chairman of Hon Hai Technology, discusses the company's new "3+3" business models, and explains how this will make it competitive in the EV industry.

Persons: Hai's, Young Liu Organizations: Hon, Technology

☆ Hon Hai Chairman says AI factories are 'the way to go' with Nvidia partnership
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHon Hai Chairman says AI factories are 'the way to go' with Nvidia partnershipYoung Liu, CEO and chairman of Hon Hai Technology, discusses the company's partnership with Nvidia to build "AI factories".

Persons: Hai, Young Liu Organizations: Nvidia, Hon, Technology

☆ Hon Hai CEO discusses sales
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHon Hai CEO discusses salesYoung Liu, CEO and chairman of Hon Hai Technology, discusses how the Covid-19 pandemic and geopolitical tensions have affected sales.

Persons: Hai, Young Liu Organizations: Hon, Technology

☆ We'll 'never give up' on reaching 40% to 45% global market share, says Hon Hai's EV CSO
▼ + stars: | 2023-10-18 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe'll 'never give up' on reaching 40% to 45% global market share, says Hon Hai's EV CSOJun Seki of Hon Hai Technology, its chief strategy officer for electric vehicles, discusses the company's near-term and longer-term goals.

Persons: Seki Organizations: Technology

☆ Apple supplier Foxconn says it's 'way too late' to chase dominance in cutting-edge chips
▼ + stars: | 2023-10-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

watch nowApple iPhone supplier Foxconn , officially known as Hon Hai, said its semiconductor strategy is to focus on producing "specialty chips" — not competing in cutting-edge chips. We focus more on specialty technology," Chiang Shang-Yi, chief strategy officer for semiconductor at Hon Hai Technology Group, told CNBC's Emily Tan on Tuesday. Specialty chips are known as semiconductors found in sectors such as automotive and internet of things. And we call it specialty technology – that is not late at all," said Chiang. Chiang Shang-Yi Chief strategy officer for semiconductor"Sometimes we may have to build their cars by their drawings.

Persons: Hai, Chiang Shang, Yi, Emily Tan, Taiwan's, Chiang, Jun Seki, Hai's, Foxconn, Foxtron, – Tesla, Volkswagen –, Young Liu, Liu Organizations: Apple, Hai Technology Group, Samsung, Hai Technology, Yulon, Reuters, CNBC, Volkswagen, Research, Vedanta Locations: South, Foxconn, China, Europe, U.S, India, Karnataka, Beijing, Washington

☆ India could account for 20-30% of Hon Hai's manufacturing and sales, says CEO
▼ + stars: | 2023-10-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia could account for 20-30% of Hon Hai's manufacturing and sales, says CEOYoung Liu, CEO and chairman of Hon Hai Technology, discusses the company's business expansion plans in India.

Persons: Hai's, Young Liu Organizations: Hon, Technology Locations: India

☆ 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

CNN —Billionaire businessman Terry Gou has resigned from the board of directors of Foxconn, the world’s largest electronics manufacturer, days after announcing his bid for Taiwan’s presidency. A self-made, septuagenarian billionaire with a net worth of $6.8 billion, the 72-year-old Gou founded Foxconn, established as Hon Hai Precision Industry in Taiwan in 1974. It grew to become an international business empire and one of the world’s largest electronics contract manufacturers. Taiwan’s presidential election, due in January, comes at period of fraught tensions between the island of 24 million people and its superpower neighbor, China. Taiwan’s presidential election is expected to take place on January 13, 2024.

Persons: Terry Gou, “, ”, Gou, Young Liu Organizations: CNN —, Foxconn, Taiwan’s, CNN, Hai Technology Group, Hai Precision Industry, Apple, Kuomintang, Democratic Progressive Party Locations: Taiwan, China

☆ The billionaire founder of a key Apple supplier announced his Taiwan presidency run, saying Beijing can't threaten him because of his links with Apple, Tesla, Amazon, and Nvidia
▼ + stars: | 2023-08-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Gou said investors would lose confidence in China if the country confiscated Foxconn's assets. AdvertisementAdvertisementTerry Gou, the billionaire founder of Foxconn — a key supplier to Apple — has thrown his hat into the ring for Taiwan's presidential election. Gou said Beijing — which claimed self-ruled Taiwan as its territory — wouldn't be able to use the businessman's vast empire to influence him. Gou said Foxconn's clients include the most important names on Wall Street, including Apple, Amazon, Tesla, and the current investor-favorite, Nvidia. So, supply chains would be massively disrupted if Beijing confiscated Foxconn's assets, he said.

Persons: Terry Gou, he's, Gou, Foxconn, Apple —, Foxconn —, William Lai Ching, Hou Yu, Ko Wen Organizations: Morning, Apple, Hai Technology, Chinese Communist Party, Nvidia, Communist Party, Bloomberg, Taiwan's, KMT, Democratic Progressive Party, ih, New, Kuomintang, Taiwan People's Locations: Beijing, China, Taiwan, Taipei, Foxconn, New Taipei City

REUTERS/Amit DaveGANDHINAGAR, India, July 28 (Reuters) - India wants to become a trusted partner for the semiconductor industry and a chip maker for the world, Prime Minister Narendra Modi said on Friday, as global companies including Foxconn (2317.TW) announced investment plans in the South Asian nation. "To expedite the growth of the semiconductor sector in the country, we are continuously undertaking policy reforms," said Modi, who has made chipmaking the top priority of his economic policy. Modi was speaking at the government's SemiconIndia annual conference in his home state of Gujarat which is being attended by top semiconductor industry executives. Speaking to CNBC-TV18, Liu said Foxconn had yet to find another partner for its India chipmaking venture. At the event, Micron Technology (MU.O) CEO Sanjay Mehrotra said a planned $2.7 billion semiconductor testing and packaging unit in Gujarat would help create about 5,000 jobs in the state.

Persons: Mark Papermaster, Young Liu, India's, Narendra Modi, Amit Dave GANDHINAGAR, TW, Modi, Foxconn, Liu, Modi's, Sanjay Mehrotra, Munsif Vengattil, Sumit Khanna, Indranil Sarkar, Aditya Kalra, Jacqueline Wong, Muralikumar Organizations: Devices, REUTERS, Foxconn, CNBC, TV18, Vedanta, Semiconductor, Reuters, Hai Technology, Micron Technology, Thomson Locations: Gandhinagar, India, Gujarat, Bengaluru, Tamil, Taiwan, Foxconn

☆ Apple supplier Foxconn's failed India chip venture shows how tough it is for new players
▼ + stars: | 2023-07-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

In this article 2317-TW Follow your favorite stocks CREATE FREE ACCOUNTThis month, Foxconn pulled out of its joint venture with Vedanta. In May 2021, it formed a joint venture with Yageo Corporation, which makes various types of electronic components. Foxconn looked to India for its joint venture with Vedanta because the country's government is looking to boost its domestic semiconductor industry and bring manufacturing on shore. This month, Foxconn pulled out of its joint venture with Vedanta. Foxconn and Vedanta wanted to license the technology from STMicro and India wanted the firm to have a stake in the joint venture, but the European chipmaker did not, Reuters reported.

Persons: Foxconn, Gabriel Perez, Neil Shah, Shah, BMI's Perez, Vedanta Organizations: Vedanta, Getty, BMI, Fitch Group, CNBC, Samsung, Micron, Hai Technology, Yageo Corporation, Counterpoint Research, Reuters Locations: India, EU, Mainland China, STMicro

☆ From a failed $20 billion joint venture to stalled projects, India's dreams of becoming a chipmaking powerhouse are off to a bad start
▼ + stars: | 2023-07-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Foxconn said Monday it's scrapping a $20 billion JV with Indian conglomerate Vedanta to make semiconductors. Other plans to boost India's chipmaking sectors are also progressing slowly. The two companies signed an agreement in February 2022 to form a joint venture, or JV, to manufacture semiconductors in India. Apart from Foxconn abandoning its JV with Vedanta, two other chipmaking ventures are also in limbo. A $3 billion venture under global consortium ISMC — which counts Israel's Tower Semiconductor as a partner — has stalled, as Tower is in the process of being acquired by tech bigwig Intel, Reuters reported on June 1.

Persons: Foxconn, Narendra Modi's, Taiwan's Foxconn, Apple —, Narendra Modi, —, hasn't, Rajeev Chandrasekhar, editorializing abt, Modi Organizations: Vedanta, Indian, Morning, Apple, JV, Hai Technology Group, Taiwan Stock Exchange, Taiwan Semiconductor Manufacturing Company, ISMC, Semiconductor, Intel, Reuters, Micron, JV Vedanta, India Locations: India, Taiwan, China, Gujarat, Taiwan Straits, Singapore, Indias

☆ Lordstown Motors files for bankruptcy and sues Taiwan's Foxconn
▼ + stars: | 2023-06-27 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

CNN —Lordstown Motors filed for bankruptcy protection Tuesday, put itself up for sale, and announced a lawsuit against Foxconn, accusing its biggest shareholder and former partner of setting out to “destroy” its business. Officially called Hon Hai Technology Group, Foxconn is best known for making iPhones for Apple (AAPL), but has recently made moves toward building electric vehicles. In 2021, it purchased an Ohio factory that Lordstown Motors had itself bought from General Motors in 2019. Lordstown Motors headquarters seen in Lordstown, Ohio in 2021. As of December, Lordstown Motors had just a fraction of that headcount, with 260 full-time employees, according to its latest annual report.

Persons: CNN —, Foxconn, Edward Hightower, Lordstown, ” Foxconn, ”, “ Foxconn, Lordstown’s, Dustin Franz, It’s Organizations: CNN, CNN — Lordstown Motors, Foxconn, Hai Technology, Apple, Lordstown Motors, General Motors, Bloomberg, Getty, GM Locations: Delaware, Taipei, Ohio, Lordstown , Ohio, California, North America

☆ Lordstown Motors stock plunges after dispute with investor Foxconn
▼ + stars: | 2023-05-01 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

With that arrangement apparently unraveling, Lordstown could face bankruptcy, according to the truck maker. In 2021, it purchased an Ohio factory that Lordstown Motors had, itself, bought from General Motors in 2019. According to papers Lordstown Motors filed with the Securities and Exchange Commission on Monday, Foxconn has claimed that Lordstown has not met the agreed- upon requirements and, so, Foxconn is refusing to follow through with agreed-upon future investments. In April, Lordstown Motors received a letter from Nasdaq notifying the company that, because of its low stock price, the company was in danger of being delisted from the exchange. Because of that letter, according to Lordstown, Foxconn claimed the company had not met the investment agreements.

☆ Foxconn unit invests $500 mln in India affiliate
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Dec 8 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker, said on Thursday that its Singapore unit has acquired 4.08 million shares in Foxconn Hon Hai Technology India Mega Development Private Limited for $500 million. Reporting by Meg Shen and Twinnie Siu; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ World's largest iPhone assembly plant under new Covid lockdown in China
▼ + stars: | 2022-11-02 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

An industrial park in China that is home to the world's largest assembly plant for Apple 's iPhones has been ordered to complete a seven-day Covid lockdown, according to a report by Reuters. The lockdown comes as Apple works to meet the demand for some of its new iPhones, which launched in September. The Zhengzhou Airport Economy Zone, located in central China's Henan province, is imposing "silent management measures," the report said. The lockdown marks a retightening of measures in the region after Zhengzhou unexpectedly lifted some restrictions on Tuesday, the report said. Apple still relies heavily on China for the majority of its iPhone production, but the tech giant has been diversifiying its supply chain.

☆ iPhone maker Foxconn has hit back at 'maliciously edited' videos of worker deaths at its facility following a COVID outbreak, after clarifying there have been no casualties
▼ + stars: | 2022-11-02 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Foxconn denied claims on social media that some of its workers died from COVID in their dormitory. Unverified videos circulating online claimed that eight workers died in one dormitory room. Foxconn called the footage "maliciously edited," and said no workers had died at its facility. According to the system, workers have to be transported directly from their dormitories to the factory and back. Reuters and Bloomberg reported separately this week that Foxconn is raising workers' wages at the Zhengzhou plant in an attempt to shore up its workforce amid the departures.

☆ Workers are fleeing from Foxconn, China's biggest iPhone factory, by climbing over fences and walking down highways on foot amid COVID fears, photos and videos show
▼ + stars: | 2022-10-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Workers are reportedly fleeing the world's largest iPhone factory in droves, amid a Covid outbreak. Dramatic photos and videos of Foxconn workers escaping the Zhengzhou compound have made their way online. Foxconn said it's continuing to implement pandemic prevention measures in Zhengzhou park, including setting up a 24-hour hotline for employees. The Foxconn outbreak happened just as Apple enters the crucial holiday quarter for retail trade. Foxconn shares are flat on Monday, trading at 45.50 New Taiwan Dollars, or $1.41 apiece, on the Taiwan Stock Exchange.

☆ Foxconn's iPhone factory in China — the world's largest — hit by Covid outbreak
▼ + stars: | 2022-10-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Foxconn said Tuesday that its factory in Zhengzhou, China — the world's largest assembly plant for Apple's iPhones — was hit with a small Covid outbreak. Zhengzhou, in central China's Henan province, has been battling a new wave of Covid this month. Foxconn's position highlights the balancing act required by manufacturing facilities to meet customer demand under Beijing's strict Covid policy. Apple still relies heavily on China for the majority of its iPhone production, but the Cupertino giant has looked to diversify its supply chain. Last month, Apple said that it has begun assembling its flagship iPhone 14 in India.

☆ Apple iPhone maker Foxconn says it wants to make cars for Tesla as it ramps up EV push
▼ + stars: | 2022-10-19 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Young Liu, chairman of Foxconn Technology Group, speaks in front of a Model C electric vehicle during an event in Taipei, Taiwan, on Tuesday, Oct. 18, 2022. Liu said he hopes one day that Foxconn can make cars for Tesla. Foxconn , the biggest assembler of Apple's iPhones, wants to one day build cars for Tesla , the company's CEO said, as it pushes further into electric vehicle manufacturing. Hon Hai Technology Group, Foxconn's official name, launched two electric vehicle prototypes on Tuesday — the Model V pickup truck and Model B sports crossover hatchback. "I hope one day we can do Tesla cars for Tesla," Liu said.

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