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☆ The founder of Apple's key supplier said the US stock market would collapse in '10 seconds' if war breaks out in Taiwan. He deleted the comment within hours of posting it.
▼ + stars: | 2023-08-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Foxconn founder Terry Gou said the US stock market would crash in 10 seconds if war were to break out over Taiwan. China claims self-ruled Taiwan — the world's top chip supplier — as its territory. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. China claims self-ruled Taiwan — the world's top chip supplier — as its territory and has been ramping up military drills around the island. Gou did not immediately respond to a request for comment from Insider sent to his verified Instagram account.

Persons: Terry Gou, Thomas Friedman, Friedman, Gou Organizations: Service, Wall, Facebook, New York Times, Hai Precision Industry, Bloomberg, Taiwan's, KMT, China Morning Post Locations: Taiwan, Ukraine, China, Wall, Silicon, Russia, Gou, Foxconn

HONG KONG/TAIPEI, July 21 (Reuters) - Investors are putting aside geopolitical tensions to pile in to Taiwan stocks, with foreign inflows the biggest in years, thanks to soaring artificial intelligence and chipmaking stocks. Rather, investors say it's all the more sturdy as the bogged-down conflict deters Chinese action and risks can be managed by keeping positions liquid with one eye on a possibly quick exit. "A potential escalation of events in the Taiwan Strait down the line is less relevant for these investors," he said. "So that makes Taiwan’s AI supply chain very attractive for foreign investors, and we believe their fund inflows will continue to be strong throughout the year." Investors say Taiwan's market is uniquely positioned to benefit because it is exposed to the sector's growth from applications to components, where demand is rebounding.

Persons: Carlos Casanova, Warren Buffett, we've, Frank Benzimra, Hai, Andrew Swan, Goldman Sachs, Clarence Chan, Summer Zhen, Kim Coghill Organizations: Nasdaq, Union Bancaire, Taiwan Semiconductor Manufacturing, Societe Generale ., Accton Technology, Hai Precision Industry, Wistron Corp, Alchip Technologies, Ark Investment Management, Vanguard, PineBridge Investments, Mellon Investment Management, Thomson Locations: HONG KONG, TAIPEI, Taiwan, Asia, Ukraine, Taiwan Strait, China, Taipei, Japan, PineBridge Investments Asia, Alchip, Asia Pacific, Hong Kong

☆ Foxconn chairman holds talks with Sharp employees in Japan after profit slump
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

TAIPEI, July 6 (Reuters) - Foxconn Chairman Liu Young-way held talks with senior and mid-level employees at Japan's Sharp (6753.T) this week and discussed topics including the relationship between the two companies, the Japanese electronics maker said Thursday. Foxconn (2317.TW), the world's largest contract electronics maker, reported a 56% plunge in first-quarter net profit, due to a T$17.3 billion ($553 million) writedown related to its 34% stake in Japanese electronics maker Sharp. During the meetings, which were attended by more than 100 employees, Liu talked about issues including the companies' relationship, Sharp's global positioning and the future of the Japanese company, Sharp said in a statement. Sharp reported in May a full-year loss of $1.9 billion after writing down the value of its panel display business and a swathe of other assets. Following the Japanese company's first net loss in six years, Liu said he would work harder on the management of Sharp but did not offer details.

Persons: Liu Young, Sharp, Foxconn, Liu, Hai's, Yimou Lee, Kiyoshi Takenaka, Anne Marie Roantree, Himani Sarkar, Tom Hogue, Kim Coghill Organizations: Hai Precision Industry, Thomson Locations: TAIPEI, Taiwan, Taipei, Tokyo

☆ 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

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (2354.TW). Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised and misled the EV maker about collaborating on vehicle development plans. Lordstown accused Foxconn in that regulatory filing of engaging in a "pattern of bad faith" that caused "material and irreparable harm" to the company. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Taiwan's Foxconn, Thomas Hayes, Tesla, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk's Tesla, Mike Spector, Joseph White, Dietrich Knauth, Ben Blanchard, Sarah Wu, Chavi Mehta, Nick Zieminski, Dhanya Ann Thoppil, David Evans Organizations: REUTERS, Lordstown Motors, Foxconn, Hai Precision Industry, General, Reuters, Endurance, EV, Biden, Detroit, GM, Lordstown, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit, Taipei, Bengaluru

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

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised, and misled the EV maker about collaborating on vehicle development plans. Even in May, Lordstown warned it might be forced to file for bankruptcy amid uncertainty over the Foxconn investment. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk’s Tesla, ” Lordstown, Mike Spector, Joseph White, Dietrich Knauth, Nick Zieminski Organizations: REUTERS, Lordstown Motors, U.S, Foxconn, Hai Precision Industry, General, Lordstown, Reuters, Endurance, EV, Biden, Detroit, GM, DiamondPeak Holdings, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Taiwan, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit

☆ Lordstown Motors files for bankruptcy protection, sues Foxconn
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: +2 min

Lordstown Motors filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn. Lordstown, named after the Ohio town where it is based, filed for Chapter 11 protection in Delaware and simultaneously took legal action against Foxconn. Foxconn previously invested about $52.7 million in Lordstown as part of the agreement, and currently holds a roughly 8.4% ownership stake in the EV maker. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised, and misled the EV maker about collaborating on vehicle development plans. Foxconn, formally called Hon Hai Precision Industry and best known for assembling Apple's iPhones, has said Lordstown breached the investment agreement when the automaker's stock fell below $1 per share.

Persons: Lordstown, Foxconn, Apple's Organizations: Lordstown Motors, U.S, Foxconn, Hai Precision Industry Locations: Taiwan, Ohio, Delaware, Lordstown

☆ 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's turnaround efforts initially paid off: by 2018, Sharp was back in the black. Moreover, analysts estimate assembling iPhones and other Apple (AAPL.O) gadgets still brings in more than half of Foxconn’s annual sales. The troubled unit was once a joint venture between Sharp, Foxconn and an entity tied to Gou. The company attributed the slump to a non-operating loss of T$19.7 billion related to its 34% stake in Japanese electronics maker Sharp. Sharp reported a 220-billion-yen ($1.6 billion) impairment loss in the quarter, mostly from buildings, machinery and goodwill relating to display businesses.

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.

☆ India has big manufacturing plans. Goldman names 2 global stocks to benefit — giving one 60% upside
▼ + stars: | 2023-03-30 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

The investment bank called the plan, known by its Production-Linked Incentive Schemes, as a "substantial opportunity" for Greater China tech firms. The initiative incentivizes foreign companies to start manufacturing in India and encourages local firms to expand their production and exports there. Goldman said tech represents more than half of the opportunity. Under the IT hardware initiative, for instance, Greater China tech firms represent 76% of potential capital expenditure contribution. Stock picks Goldman named two buy-rated stocks that it said stand to benefit from India's big manufacturing plans.

☆ 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.

Now overseas demand is slumping amidst a local credit crunch and a corruption crackdown. A trade agreement and warmer relations with Washington spared its manufacturers from tariffs and sanctions applied to its northern neighbour. Now overseas demand is stuttering. Vietnam's exports of goods and services have been slowingFollow @KatrinaHamlin on TwitterCONTEXT NEWSVietnam's economy grew 8.02% in 2022, the fastest annual pace since 1997, according to data released by the country’s General Statistics Office on Dec. 29. Vietnamese exports were flat in February and fell 23.4% in January compared to a year earlier, according to Refinitiv data released on March 9.

☆ Foxconn Signals India’s Arrival as Electronics Manufacturer
▼ + stars: | 2023-03-06 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

The postpandemic reshuffle of the world’s electronics supply chain is speeding up. At the center of the change: India and Apple . Apple supplier Hon Hai Precision Industry , better known as Foxconn, plans to more than double its iPhone production at an existing plant near Chennai, India, to around 20 million units by 2024, The Wall Street Journal reported last week, and roughly triple the number of workers to as many as 100,000.

☆ Foxconn Signals India’s Arrival in Electronics Manufacturing
▼ + stars: | 2023-03-06 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

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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