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☆ Foxconn resumes iPhone assembly at Indian facility after weather disruptions
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: 1 min

Foxconn logo is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBENGALURU, Dec 5 (Reuters) - Taiwan's Foxconn (2317.TW) resumed operations on Tuesday at its Indian facility that makes Apple (AAPL.O) iPhones following weather disruptions, two sources familiar with the matter said. Foxconn and Pegatron (4938.TW) had on Monday halted production of iPhones at their factories near Chennai because of heavy rain as a severe cyclone neared, Reuters had reported. Foxconn declined to a request for comment, while Apple did not respond. Reporting by Munsif Vengattil in Bengaluru; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Foxconn, Munsif, Kim Coghill Organizations: REUTERS, Rights, TW, Reuters, Apple, Thomson Locations: Chennai, Bengaluru

☆ Five killed as southern India braces for Cyclone Michaung
▼ + stars: | 2023-12-05 | by ( Jatindra Dash | ) www.reuters.com time to read: +2 min

[1/3] People move in a boat past partially submerged vehicles in a residential area following heavy rains ahead of Cyclone Michaung in Chennai, India, December 4, 2023. REUTERS/Stringer/File photo Acquire Licensing RightsBHUBANESHWAR, India, Dec 5 (Reuters) - Heavy rains submerged roads and shut down a major airport in southern India on Tuesday, where at least five people, including a child, were killed in the flooding and the havoc hours before a severe cyclone was due to make landfall. The rains and winds also snapped power lines and uprooted trees, officials said. Taiwan's Foxconn (2317.TW) and Pegatron (4938.TW) halted Apple (AAPL.O) iPhone production at their facilities near Chennai due to heavy rains, sources familiar with the matter told Reuters on Monday. In December 2015, floods in Tamil Nadu killed at least 290 people and caused widespread damage.

Persons: Stringer, Michaung, Taiwan's Foxconn, Jatindra Dash, Shilpa Jamkhandikar, Miral Organizations: Cyclone, REUTERS, Apple, Reuters, Thomson Locations: Chennai, India, Andhra Pradesh, Tirupati district, Tamil Nadu, Tamil Nadu's

☆ 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 halts iPhone production at India facility due to heavy rains - sources
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Dec 4 (Reuters) - Taiwan's Foxconn (2317.TW) has halted production of Apple (AAPL.O) iPhones at its facility near the south Indian city of Chennai due to heavy rains, two sources familiar with the matter said on Monday. Foxconn is yet to decide whether to resume production on Tuesday, the sources said. Apple declined a Reuters request for comment, while Foxconn did not immediately respond. Reporting by Munsif Vengattil in Bengaluru and Praveen Paramasivam; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Foxconn, Munsif, Toby Chopra Organizations: Apple, Thomson Locations: BENGALURU, Chennai, Bengaluru, Praveen

☆ Foxconn to invest $1.5 bln to expand India operations
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 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 RightsBENGALURU, Nov 27 (Reuters) - Taiwan's Foxconn (2317.TW) will invest $1.5 billion in India in its latest expansion plan, the world's largest contract manufacturer of electronics said on Monday. The company, which announced the investment plan in a stock exchange filing, did not provide any further details. Foxconn has been rapidly expanding its presence in India by investing in manufacturing facilities in the south of the country. The contract manufacturer aims to double its workforce and investment in India by next year, a company executive had said in September.

Persons: Ann Wang, Foxconn, Liu Young, Kashish Tandon, Krishna Chandra Organizations: REUTERS, Rights, Thomson Locations: New Taipei City, Taiwan, India, Bengaluru

☆ Alibaba, Baidu and more: Jefferies names Asian stocks with significant 'hidden value'
▼ + stars: | 2023-11-23 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

Asian stock markets may have had a weak year, but excessive cash in the region's companies is a hidden opportunity for investors, according to Jefferies. Asian ex-cash P/E is just 9.1 times, indicating "significant value," Jefferies' analysts noted. The region's stocks are also "appealing from the shareholder return perspective," given stronger prospects of buybacks backed by free cash flows and high cash balances, they wrote. Jefferies screened for Asian companies with "significant ex-cash value and strong fundamentals," and which it said make "good candidates" for buybacks and dividends. Other Asian stocks that made Jefferies' list include Singapore's transport company ComfortDelGro and Indian oil and gas company Petronet .

Persons: Jefferies, JD.com, iPhones, — CNBC's Michael Bloom Organizations: MSCI HK, Baidu, China Communications Services, Qingdao Port International, Energy, Vipshop Holdings, Technology, Singapore South, Kia, Hyundai, Orion Corp Locations: Asia, Pacific, Japan, China, Qingdao, South Korea, Australia, Singapore, Singapore South Korean

Terry Gou, the founder of Taiwan's Foxconn, makes a speech at Banqiao Cihui Temple in New Taipei City, Taiwan October 29, 2023. In a statement, Gou thanked his backers for their "enthusiastic support" and vowed to work hard to achieve "peace across the Taiwan Strait". While China's government has not confirmed the Foxconn investigation, Lai has assailed Beijing for targeting the firm. "Aren't we all waiting to see if Terry Gou will run until the end?" Foxconn says Gou no longer has anything to do with the company's day-to-day operations, though he remains its largest single shareholder.

Persons: Terry Gou, Taiwan's, Ann Wang, Gou, Lai Ching, Lai, detests Lai, Wellington Koo, Foxconn, Young Liu, Liu, Jeanny Kao, Yimou Lee, Ben Blanchard, Jacqueline Wong Organizations: REUTERS, Rights, Apple, Democratic Progressive Party, Taiwan's National Security Council, Thomson Locations: New Taipei City, Taiwan, Rights TAIPEI, Ukraine, China, Beijing

☆ 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

☆ China's crackdown on Foxconn, one of Apple's biggest suppliers, shows Beijing is willing to sacrifice its economy for political power
▼ + stars: | 2023-10-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

China has launched investigations into Taiwan's Foxconn over its land use in mainland China. AdvertisementAdvertisementEven Foxconn, China's largest private-sector employer, isn't immune from Beijing's whims. Foxconn, also known as Hon Hai Precision Industry, is a huge contributor to China's employment and economic growth. Given how important Foxconn is to China's economy, it's a sign that Beijing is willing to make some sacrifices in its economy for political reasons, Liu said. China's economy is in tattersChina's economy has struggled to recover after nearly three years of on-off COVID-19 lockdowns.

Persons: —, Terry Gou, Foxconn, William Lai, KMT's Hou Yu, Ko Wen, Anna Ashton, Lai, China —, Gabriel Wildau, Zhu Fenglian, Dongshu Liu, Liu, they've, Insider's Linette Lopez, Xi, Lee Miller, Lopez, Liu Pengyu Organizations: Service, Hai Precision Industry, Apple, Democratic Progressive Party, ih, Taiwan People's Party, Eurasia Group, Gzero Media, KMT, Teneo Holdings, Bloomberg, Foxconn, Taiwan Affairs Office, City University of Hong, WPP, DC Locations: China, Beijing, Taiwan —, Taiwan, Taipei, New York, City University of Hong Kong, tatters, Washington, Foxconn

☆ 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

☆ 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

Sharing a stage at Foxconn's annual tech showcase in Taipei, Foxconn Chairman Liu Young-way and Nvidia CEO Jensen Huang said their companies would build these "AI factories" together. And the data centres that produce it are AI factories," Huang said, adding that Foxconn had the expertise and scale to build them globally. Showing a hand-drawn sketch, Huang - sporting his signature black leather jacket - explained how "AI factories" could continuously receive and process data from autonomous electric vehicles to make them smarter. The AI factory would improve the software and update the entire AI fleet," said the Taiwan-born Huang. "In the future, every company, every industry, will have AI factories."

Persons: Foxconn, Liu Young, Jensen Huang, Huang, Orin, Liu, Jun Seki, Terry Gou, Sarah Wu, Ben Blanchard, Christian Schmollinger, Jamie Freed Organizations: Nvidia, EV, Foxconn's Tech, Thomson Locations: TAIPEI, Taipei, Taiwan, China, Foxconn, India, Japan

Sharing a stage at Foxconn's annual Tech Day in Taipei, Foxconn Chairman Liu Young-way and Nvidia CEO Jensen Huang said their companies were building AI factories together. Huang showed a hand-drawn sketch of what the two companies are building, which he called an "AI factory". What Nvidia and Foxconn are building is an entire end-to-end AI system for autonomous electric vehicles, with the AI factory developing the car's software, Huang added. The data would go to the AI factory, the AI factory would improve the software and update the entire AI fleet," he said. "This entire end-to-end system, on the one hand AI factory, on the other end EV fleet, is what Nvidia and Foxconn are building."

Persons: Liu Young, Ann Wang, Foxconn, Jensen Huang, Huang, Liu, Sarah Wu, Ben Blanchard, Christian Schmollinger, Jamie Freed Organizations: Tech Day, REUTERS, Rights, Nvidia, Thomson Locations: Taipei, Taiwan, Rights TAIPEI

☆ Lordstown Motors ex-CEO approved to buy company assets for $10 mln
▼ + stars: | 2023-10-18 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Lordstown Motors logo and decreasing stock graph are seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsNEW YORK, Oct 18 (Reuters) - Electric vehicle company Lordstown Motors received U.S. bankruptcy court approval Wednesday to sell its manufacturing assets to a new company affiliated with its founder and former CEO Stephen Burns for $10.2 million. LAS Capital, majority-owned by Burns, will acquire Lordstown's intellectual property, business records, and machinery including assembly lines for electric vehicle motors and batteries. The sale does not include any rights to pursue legal claims against Lordstown's directors, officers or equity owners, which will remain with the bankrupt company, Lordstown Motors' attorney David Turetsky said at the court hearing. Several investor groups have already brought claims against Lordstown and its directors, alleging that the electric truck startup misled consumers and investors about its ability to ramp up electric vehicle production.

Persons: Dado, Stephen Burns, Burns, Mary Walrath, David Turetsky, Apple's, Jennifer Madden, Madden, Foxconn, Lordstown, Lordstown's, Julio Rodriguez, Dietrich Knauth, Alexia Garamfalvi, David Evans Organizations: REUTERS, Lordstown Motors, LAS Capital, Lordstown, Hai Precision Industry, LAS, U.S . Department of Transportation, Foxconn, Capital, Thomson Locations: Wilmington , Delaware, Delaware, Taiwan's, Lordstown, Ohio

"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

☆ India's policy contradictions are making it harder for investors to crack its market
▼ + stars: | 2023-09-08 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

At a time when shifting geopolitical alliances are elevating India's strategic importance, such curbs add to the contradictions global investors have to negotiate as they hunt for viable alternatives to a slowing China. They said the move will add to end-product costs for foreign vendors and shift consumer spending toward Indian firms or established foreign vendors with a manufacturing base in India. To attract foreign investors, Modi's government doubled to 170 billion rupees ($2.04 billion) its initial budget in May for a production-linked incentive scheme for IT hardware that was approved in 2021. watch now"India's large and growing domestic market, limited political instability and long-term policy continuity bolsters India's appeal to investors," Dasgupta said. Attracted by such lofty projections, global investors have also poured into Indian equity markets this year.

Persons: Javier Ghersi, Narendra Modi's, There's, Pravin Krishna Johns, it's, Pravin Krishna, Krishna, Rajeev Chandrasekhar, Taiwan's Foxconn, iPhones, Sumedha Dasgupta, Dasgupta, Modi, Goldman Sachs, — Organizations: Apple, Samsung, Dell, Pravin Krishna Johns Hopkins University's School, Johns Hopkins University's School, International, BMI Industry Research, South, BMI, Sumedha Dasgupta Economist Intelligence, Economist Intelligence Unit, CNBC, Bharatiya Janata Party, U.S, The, Monetary Fund, Capital Locations: India, China, Russia, Ukraine, Vietnam

Reliance, whose interest in making semiconductors has not been previously reported, did not respond to repeated requests for comment. India's IT ministry and Prime Minister Narendra Modi's office also did not respond to requests for comment. The country does not as yet have any chip manufacturing plants, although India's Vedanta (VDAN.NS) and Taiwan's Foxconn (2317.TW) are both looking at building facilities. India's government has forecast the domestic chip market will be worth $80 billion by 2028 compared with $23 billion currently. But chip manufacturing is an industry that has historically been beset with boom and bust cycles and requires much expertise.

Persons: Amit Dave, Mukesh, Narendra Modi's, Modi, Vedanta, Taiwan's Foxconn, Arun Mampazhy, –, Foxconn, Munsif Vengattil, Aditya Kalra, Edwina Gibbs Organizations: Reliance Industries, Gujarat Global Trade, REUTERS, Reliance, Google, U.S, Vedanta, Ventures, Semiconductor, Intel, Orbit Ventures, Thomson Locations: Gujarat, Gandhinagar, India, DELHI, Abu Dhabi

☆ Tesla's Shanghai factory hits 2 mln car production milestone
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: 1 min

Charged category · September 5, 2023Bankrupt electric vehicle manufacturer Lordstown Motors has proposed to pay nothing for Taiwan's Foxconn's preferred equity shares, saying it will prioritize other shareholders if an ongoing sales effort generates enough cash to repay other debts.

Persons: Taiwan's Foxconn's Organizations: Lordstown Motors

☆ Bankrupt Lordstown Motors proposes zero payment for Foxconn shares
▼ + stars: | 2023-09-05 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Lordstown Motors and Foxconn logos are seen in this illustration taken, May 2, 2023. Even if the sale generates enough money for a shareholder payout, Lordstown proposed to pay nothing to the 300,000 preferred equity shares held by its estranged former business partner Foxconn. Lordstown alleged that Foxconn purchased only $30 million of the $100 million in preferred equity shares contemplated by the disputed investment agreement. Foxconn also purchased $22.7 million of Lordstown's common shares, owning about 8.4% of the company's equity, according to court documents. Foxconn had asked a U.S. bankruptcy judge to dismiss Lordstown's bankruptcy, a request that the judge denied on Aug. 28.

Persons: Dado Ruvic, Taiwan's Foxconn's, Lordstown, Karma, Foxconn, Dietrich Knauth, Alexia Garamfalvi, Timothy Gardner Organizations: Lordstown Motors, REUTERS, Lordstown's, Hai Precision Industry, Thomson Locations: Ohio, Delaware, Lordstown's

☆ 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

☆ Lordstown hopeful to find buyer for all or some parts of business - Bloomberg News
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Lordstown Motors and Foxconn logo is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 28 (Reuters) - Lordstown Motors is formulating a debt repayment plan and is hopeful that it will find buyers in Chapter 11 for all or parts of its business, Bloomberg News reported, citing the electric truck manufacturer's attorney Thomas Lauria. Judge Mary Walrath refused to dismiss Lordstown's bankruptcy petition. Several investor groups have also brought claims against Lordstown, alleging that the Lordstown misled consumers and investors. Lordstown and Foxconn did not immediately respond to Reuters' request for comment on the ruling.

Persons: Dado Ruvic, Thomas Lauria, Taiwan's Foxconn, Lauria, Judge Mary Walrath, Lordstown's, Foxconn, Lordstown, Kanjyik Ghosh, Jahnavi, Rashmi Organizations: Lordstown Motors, REUTERS, Lordstown, Bloomberg News, Bloomberg, Hai Precision Industry, U.S . Securities, Exchange Commission, Reuters, Thomson Locations: U.S, Bengaluru

☆ Foxconn founder Terry Gou announces run for Taiwan presidency
▼ + stars: | 2023-08-28 | by ( ) www.cnbc.com time to read: +1 min

Terry Gou Tai-ming, founder and chairman of Taiwan's Foxconn Technology, speaks during the Canton Tower Science & Technology Conference Guangzhou on December 8, 2016 in Guangzhou, Guangdong Province of China. Terry Gou, the billionaire founder of major Apple Inc supplier Foxconn , said on Monday he was entering the race to be Taiwan's next president as an independent candidate in 2024 elections. Gou has spent the past few weeks touring Taiwan and holding campaign-like rallies, fueling speculation he was planning to run as an independent. "Give me four years and I promise that I will bring 50 years of peace to the Taiwan Strait and build the deepest foundation for the mutual trust across the strait," he said in a plea to Taiwan voters. "Taiwan must not become Ukraine and I will not let Taiwan become the next Ukraine."

Persons: Terry Gou Tai, Terry Gou, Gou, Hou Yu Organizations: Technology, Science & Technology Conference, Apple Inc, Foxconn, Kuomintang, KMT, ih, New, Democratic Progressive Party Locations: Canton, Science & Technology Conference Guangzhou, Guangzhou, Guangdong Province of China, China, New Taipei City, Taiwan, Ukraine

China is dominant in magnets and the rare earth metals they are made from. Magnet makers are also drawn to Vietnam by low labour costs and market access afforded by multiple free-trade deals. It said it sources most of its rare earths from China but is seeking alternative sources in Vietnam and Australia and plans to develop a processing facility in Vietnam. A similar request from clients prompted another Chinese magnet maker, Magsound, to decide to open a factory in Vietnam in the first half of next year, the two people said. In April, Australia's Strategic Materials (ASM.AX) signed a deal with a Vietnamese refiner that committed to supplying rare earths for export to South Korea.

Persons: David Merriman, China's Luxshare, Taiwan's Foxconn, Magsound, Japan's Shin, Obayashi, Francesco Guarascio, Khanh Vu, Mai Nguyen, Christopher Cushing Organizations: Apple, Sino, Korea's Star, Industrial, SGI, U.S . Department of Energy, South, Reuters, VinFast, Hyundai, China's, Luxshare, Thomson Locations: China, HANOI, SEOUL, Vietnam, U.S, South Korea, Washington, Beijing, Australia, Hanoi

☆ Bankrupt Lordstown Motors reaches $40 million settlement with Karma Automotive
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

Lordstown Motors and Foxconn logo is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoAug 15 (Reuters) - Lordstown Motors said on Tuesday it had reached a $40-million settlement with Karma Automotive over a 2020 lawsuit in which the now-bankrupt electric vehicle firm was accused of stealing proprietary technology. The settlement, placed with the bankruptcy court for approval, involves $5 million to be paid as royalty for the use of Karma's intellectual property, which Lordstown was accused of having misappropriated. That case was scheduled for trial in September before being placed on hold by Lordstown's bankruptcy. In case the settlement is not approved and the case goes to trial, Lordstown will continue to defend against Karma's claims, the filing added.

Persons: Dado Ruvic, Lordstown, Karma, Taiwan's Foxconn, Karma's, Yuvraj Malik, Shweta Agarwal Organizations: Lordstown Motors, REUTERS, Karma Automotive, Thomson Locations: . California, Bengaluru

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