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☆ 3 major companies trying to move supply chains out of China, and how they're faring in their attempts to move away from the factory of the world
▼ + stars: | 2023-06-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Ted Cannis, a senior executive at Ford, told the Financial Times in December that there is a "large-scale rethinking of logistics operations" across the auto supply chain. "The supply chain is going to be the focus of this decade," Cannis said. Among the companies Apple is relying on to make the Vision Pro is Taiwan's Foxconn — which is the main supplier shifting its supply chain away from China. The move was made after China's COVID-19 lockdowns rocked supply chain and production timelines, but prices are the real driving reason behind the move. "Right now, robustness of our supply chain also needs to be considered to ensure the stable procurement of parts."

Persons: —, Donald Trump, lockdowns, COVID, Ashutosh Sharma, Forrester, Ted Cannis, Cannis, China's, Wellsenn, Cowell, Liu Young, TSMC, Morris Chang, Chips, Dylan Patel, SemiAnalysis, Tim Cook, Fang DongxuFeature, Mazda, China's COVID, Masahiro Moro, ", Moro Organizations: Mazda, Service, Privacy, East, Ford, Financial Times, Apple, Vision, Apple's, Cowell e Holdings, Future Publishing, Reuters Locations: China, India, Zhengzhou, Henan, Vietnam, Mexico, Taiwan, Arizona, Nanjing, Fang DongxuFeature China, Japan Japanese, Japan

☆ Apple may be diversifying supply chains away from China — but it's still relying on the country's suppliers to build the Vision Pro headset
▼ + stars: | 2023-06-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Apple's diversifying supply chains away from China, but it's still using Chinese firms to make the Vision Pro. Apple's Vision Pro has been exciting investors since its reveal, sending the company's shares soaring. Tech giant Apple has been trying to diversify its supply chains away from China — but it appears there's no getting away from the manufacturing powerhouse. According to Wellsenn, the list shows eight Chinese companies involved in the making of Apple's Vision Pro headset. And despite the internet's derision about the gadget's hefty price tag and its goofy aesthetics, the Vision Pro itself has been exciting investors.

Persons: Wellsenn, Cowell, Taiwan's Foxconn, Zinya, Nidhi Pandurangi Organizations: Tech, Apple, Vision, Apple's, Cowell e Holdings, Samsung, LG, Sony Locations: China, India

☆ 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

[1/2] Visitors stand next to a "Make In India" logo during a three-day semiconductor event in Bengaluru, India, April 30, 2022. They were from the Vedanta-Foxconn JV; a global consortium ISMC which counts Tower Semiconductor (TSEM.TA) as a tech partner; and from Singapore-based IGSS Ventures. SETBACK FOR VEDANTAMost of the world's chip output is limited to a few countries like Taiwan, and India is a late entrant. Amid much fanfare, in September, the Vedanta-Foxconn JV announced its chipmaking plans in Gujarat. Modi called the $19.5 billion plan "an important step" in boosting India's chipmaking ambitions.

Persons: Munsif, India's Modi, Taiwan's Foxconn, Narendra Modi, IGSS, Rajeev Chandrasekhar, Modi, Foxconn, STMicro, Chandrasekhar, David Reed, Aditya Kalra, Jane Lanhee Lee, Steven Scheer, Nick Zieminski Organizations: Visitors, REUTERS, Companies, Intel, India's Vedanta, Vedanta, IGSS Ventures, JV, Reuters, Orbit, Foxconn JV, Twitter, Thomson Locations: India, Bengaluru, DELHI, OAKLAND , California, Singapore, Gujarat, Taiwan, New Delhi, Oakland , California

☆ 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.

☆ EV startups conserve cash as make-or-break moment approaches. Here's where everyone stands
▼ + stars: | 2023-05-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +14 min

As legacy automakers increasingly ramp production of all-electric vehicles, cushioned by the profits of gas-powered models, a handful of EV startups are scrambling to conserve cash and stay in the mix. It also means the amount of cash Fisker had left as of the end of March, $652.5 million, isn't yet cause for alarm. Still, Fisker cut its production guidance for 2023 to between 32,000 vehicles and 36,000 vehicles, from 42,400 in its original plan. Or as Evercore ISI analyst Doug Dutton wrote before Fisker's earnings report, "Fisker is beginning to turn into a story of binary and 'show me' outcomes." It had $108.1 million remaining as of the end of March, but it lost $171.1 million in the first quarter .

Persons: Tesla, Rivian, Claire McDonough, Rivian's, It's, McDonough, Deutsche Bank's Emmanuel Rosner, Rosner, Sherry House, Peter Rawlinson, Bank of America's John Murphy, Murphy, Aston Martin, Henrik Fisker, Fisker, Doug Dutton, Dutton, Nikola Nikola, Trevor Milton, Nikola, Voltera, TD Cowen, Jeffrey Osborne, Osborne, Polestar Polestar, it's, Johan Malmqvist isn't, aren't, Deutsche Bank's Rosner, Lordstown, Foxconn, Foxconn doesn't Organizations: EV, Amazon, Deutsche, Lucid's, Bank of America's, BMW, Global, Magna International, Nikola, Iveco, Volvo Cars, Geely, Lordstown, Nasdaq, General Motors Locations: Georgia, Magna, Austria, U.S, Europe, North America, Nikola's, Swedish, China, Ohio, Lordstown

☆ Foxconn's April sales fall 12% on slowing smartphone business
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

Foxconn said revenue last month reached T$429.2 billion ($14 billion), in line with the company's own expectations. For smart consumer electronics products, which include smartphones and are the company's main business driver, revenue in April declined as it entered the "traditional slow season", the company said in a statement, without elaborating. The first half of the year is traditionally slower for Taiwan tech manufacturers as major electronics vendors including Apple (AAPL.O) launch new products near the year-end holiday season. Apple results for the quarter ended April 1 beat expectations on Thursday, thanks to better-than-expected iPhone sales and inroads in India and other newer markets. The company in March predicted revenue for the full year to be flat, with weak demand for consumer electronics offset by growth in computing, cloud, networking and component products.

☆ Thailand in talks with CATL, others on potential battery plants, govt official says
▼ + stars: | 2023-05-03 | by ( Devjyot Ghoshal | ) www.reuters.com time to read: +3 min

"We are talking to many companies, not only CATL but many companies in the battery industry," said Narit Therdsteerasukdi, Secretary General of Thailand Board of Investment (BOI). CATL, the world's dominant battery supplier with a 37% market share, currently has no production facilities in Southeast Asia, its website shows. In the past few years, Thailand has drawn investments from EV companies, mainly Chinese, including Great Wall Motors and BYD Co (002594.SZ). Narit said the government's goal was to direct support and subsidies to land larger battery production facilities. CATL currently has 13 battery production hubs, 11 in China, one in Hungary and one in Germany.

☆ Founder of Taiwan's Foxconn says China won't attack if he's president
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, April 27 (Reuters) - The billionaire founder of Taiwan's Foxconn (2317.TW) and presidential hopeful Terry Gou said on Thursday China does not want war with the island and would not attack if he become president as he would not declare independence. Gou, one of Taiwan's most recognisable faces, stepped down as chief of major Apple Inc supplier Foxconn, which has extensive manufacturing facilities in China, in 2019. China wanted to develop its economy and focus on things like finding jobs for college graduates and feeding its people, Gou said. But Taiwanese politicians hope because of this the people can hate China and therefore they get elected," added Gou, 72. "I won't (declare) independence, you won't attack me or fly around Taiwan," he added, referring to the almost daily missions by China's air force in the vicinity of the island.

☆ 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.

☆ Foxconn reports fall in Feb sales, sticks to Q1 outlook
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

Compared to the previous month, revenue dropped 39.12%, although cumulative sales for the first two months of the year jumped on-year 17.94% thanks to January's particularly strong performance when Zhengzhou operations began getting back on track. "Based on the revenue performance in the first two months, the outlook for first quarter 2023 is roughly in line with market expectation," Foxconn said without elaborating. Foxconn shares have risen 2.6% so far this year, underperforming the broader Taiwan market (.TWII) which is up 10.4%. The company reports fourth-quarter earnings on March 15, when it will also elaborate on its outlook. ($1 = 30.4980 Taiwan dollars)Reporting by Ben Blanchard; Editing by William Mallard and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Shares of Japan's Nintendo, SoftBank and Sharp tumble after earnings
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

Shares of Nintendo dropped 6% after the maker of the Switch video game console reported lower sales and profit and cut its full-year outlook. Nintendo shares were on track for their biggest one-day loss since November. SoftBank shares fell 6.2% after it reported a quarterly loss, hit by its massive Vision Fund investment unit, which fell into the red for the fourth straight quarter. Nintendo is struggling with softer sales for the ageing Switch, while SoftBank has seen valuations weaken for its sprawling tech portfolio. "The Nintendo Switch is now a six-year-old console and demand is now exhausted," analyst Mark Chadwick said on Smartkarma.

☆ Foxconn's January sales surge as China COVID disruption shaken off
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +2 min

Production of iPhones faced disruption ahead of Christmas and January's Lunar New Year holidays, after curbs to control COVID-19 prompted thousands of workers to leave Foxconn's factory lines in Zhengzhou. "Based on market consensus for first quarter 2023, January revenue came in slightly ahead. The outlook for the first quarter will likely reach market expectation," Foxconn said without elaborating. Foxconn shares have slid 0.3% so far this year, underperforming the broader Taiwan market (.TWII) which is up 10.4%. ($1 = 29.9660 Taiwan dollars)Reporting by Ben Blanchard and Meg Shen; Additional reporting by Yimou Lee; Editing by Lincoln Feast.

☆ Foxconn's January sales surge COVID disruption shaken off
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: 1 min

TAIPEI, Feb 5 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker and major iPhone assembler for Apple Inc (AAPL.O), said on Sunday that revenue in January jumped 48.2% year-on-year, as it shook off COVID disruptions in China. Revenue in January reached a record high, with operations returning to normal and shipments increasing at the Zhengzhou campus in China, a centre for iPhone production, the company said in a statement. Production of iPhones faced disruption ahead of Christmas and January's Lunar New Year holidays, after curbs to control COVID-19 prompted thousands of workers to leave Foxconn's factory lines in Zhengzhou. Reporting by Ben Blanchard and Meg Shen; Editing by Lincoln Feast. Our Standards: The Thomson Reuters Trust Principles.

☆ Taiwan's Foxconn taps former Nissan and Nidec heavyweight Seki for EV business
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nissan Motor executive officer and vice-COO Jun Seki speaks during a news conference at Nissan Motor headquarters in Yokohama, Japan, December 2, 2019. Seki had been recruited to Nidec from Nissan by Nidec's hard-driving founder Shigenobu Nagamori in 2020 to help Nidec become a major player in components for next-generation automobiles. Seki spent three decades at Nissan, including a stint heading its China business. He was widely seen as a contender for chief executive, but was passed over for the current chief, Makoto Uchida. He left Nissan for Nidec not long after being charged with leading the automaker's turnaround plan.

☆ Taiwan's Foxconn and others accelerate investment in Mexico - Nikkei
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: 1 min

Jan 24 (Reuters) - Foxconn (2317.TW) and other Taiwanese tech suppliers are increasing their production capacity in Mexico to meet a growing demand for electric vehicles (EVs) and servers to be made in North America, Nikkei Asia reported on Tuesday. Mexico is one of the key locations for the Foxconn's strategic investments this year, according to the report, citing a person with direct knowledge of the matter. Foxconn, the world's biggest contract electronics manufacturer and a key iPhone assembler, will have local manufacturing options in Ohio, Wisconsin and Mexico for EV clients, the report added. Reporting by Shivani Tanna in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Apple supplier Foxconn replaces iPhone business chief- Bloomberg News
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

Jan 17 (Reuters) - Taiwan's Foxconn (2317.TW) has appointed Michael Chiang as the new boss for its iPhone assembly business after a tumultuous year in China, Bloomberg News reported on Tuesday, citing people familiar with the matter. Chiang replaces longtime leader Wang Charng-yang as head of the iPhone assembly division, the Bloomberg report said. Apple did not immediately respond to a request for comment. Chiang's appointment is part of Foxconn Chairman Young Liu's efforts to elevate younger executives to maintain the company's supply chain leadership in the face of growing competition from Chinese contenders, the Bloomberg report said. Reporting by Lavanya Ahire in Bengaluru; Editing by Dhanya Ann Thoppil and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

[1/4] The BYD Atto 3 EV car is displayed at the 39 Thailand International Motor Expo, in Bangkok, Thailand, November 30, 2022. The company announced in September it would build an EV assembly plant in Thailand with annual capacity of 150,000 cars from 2024. Talks are underway to select a site for the Vietnam plant, said the sources, who declined to be named because the discussions are confidential. The Vietnam plant will export components to the assembly plant to be built in Thailand, one source said. That would pose a direct challenge to VinFast, a Vietnamese EV maker that began selling cars in 2019 and plans to expand in the United States and Europe.

☆ Indonesia says investment talks with Tesla still ongoing
▼ + stars: | 2023-01-12 | by ( Bernadette Christina | ) www.reuters.com time to read: +3 min

Luhut Pandjaitan, who has been leading the talks with Tesla, declined to disclose further details, citing a non-disclosure agreement. Bloomberg News also reported that the Indonesia talks include plans for production facilities and to facilitate the company's supply chain, citing people familiar with the matter. "I can't comment, we're still talking," Luhut told Reuters, adding that he had just recently held another round of talks with Tesla. Tesla currently makes its electric cars in China's Shanghai, Germany's Berlin, and Austin and Fremont in the United States. Indonesian authorities have said Japanese firms Toyota Motor Corp (7203.T) and Mitsubishi Motors Corp (7211.T) have pledged investments in EV production.

☆ Apple supplier Foxconn says December revenue fell 12.3% y/y
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: 1 min

TAIPEI, Jan 5 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker, on Thursday said revenue in December dropped 12.3% year-on-year after production problems related to COVID-19 controls at a major iPhone factory in China's Zhengzhou. The company in a statement said production at the major iPhone factory in China "basically returned to normal" in December. It did not elaborate. Reporting by Sarah Wu and Yimou Lee; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Apple finds a happy home in India
▼ + stars: | 2022-12-20 | by ( Pranav Kiran | ) www.reuters.com time to read: +3 min

Helped by generous subsidies, Taiwanese Apple suppliers are starting to churn out more iPhones in India. Analysts at JPMorgan reckon India will have 6% of iPhone manufacturing capacity in 2022, and the rest will remain in China. Incentives and other subsidies partially compensate for inefficiencies in India, where demand for pricier devices is slowly picking up. HDFC Securities estimates that for an average smartphone, as little as 14% of the value is added in India. Whether or not India gets that far, Apple at least gets a happy new home.

☆ Foxconn unit to sell entire equity stake in Tsinghua Unigroup
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Foxconn is seen outside a building in Taipei, Taiwan November 10, 2022. REUTERS/Ann WangHONG KONG, Dec 16 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker, said on Friday its subsidiary in China has agreed to sell entire equity stake in embattled Chinese chip conglomerate Tsinghua Unigroup. Foxconn disclosed in July that it was a shareholder of Tsinghua Unigroup. Xingwei controls a 48.9% stake in a different entity that itself holds a 20% stake in the vehicle that owns all of Unigroup. ($1 = 6.9708 Chinese yuan renminbi)Reporting by Meg Shen, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Foxconn unit to sell stake in Chinese chip firm Unigroup
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Ann WangTAIPEI, Dec 17 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker, said on Friday its subsidiary in China has agreed to sell its entire equity stake in embattled Chinese chip conglomerate Tsinghua Unigroup. Foxconn, a major Apple Inc (AAPL.O) supplier and iPhone maker, disclosed in July it was a shareholder of Tsinghua Unigroup. Xingwei controls a 48.9% stake in a different entity that holds a 20% stake in the vehicle owning all of Unigroup. The company has been seeking to acquire chip plants globally as a worldwide chip shortage rattles producers of goods from cars to electronics. Originating as a branch of China's prestigious Tsinghua University, Tsinghua Unigroup emerged in the previous decade as a would-be domestic champion for China's laggard chip industry.

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