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Lordstown said Foxconn cited the delisting notice the Ohio-based company received from Nasdaq in a letter alleging the breach. Lordstown shares were trading mid-morning at $0.39, down 13 cents a share. Lordstown warned that "there is substantial doubt regarding our ability to continue as a going concern". Without a resolution with Foxconn, other funding or partners, it said it could be forced to file for bankruptcy. Lordstown Motors bought a former General Motors (GM.N) small car assembly plant and equipment for $20 million in Ohio after the Detroit automaker closed it in March 2019.

☆ 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.

The last time Cook visited China was in 2019. We also have a thriving App Store,” the Apple chief was quoted as saying in state-run China Daily. On Friday, Cook had posted a picture of himself smiling with customers and staff at the Apple store in the shopping district of Sanlitun on China’s Twitter-like social media site Weibo. “TikTok CEO was under siege at the US hearing, while Apple CEO was enthusiastically welcomed by people at its flagship Chinese store. China’s commerce ministry said Thursday that a forced sale of TikTok would “seriously damage” global investors’ confidence in the United States.

☆ Apple Supplier Foxconn Plans to Rely Less on China for Revenue
▼ + stars: | 2023-03-15 | by ( Joyu Wang | Yoko Kubota | ) www.wsj.com time to read: 1 min

Foxconn has been diversifying its production sites as well as the products it makes. TAIPEI— Foxconn Technology Group, one of Apple ’s biggest suppliers, said it would rely less on China as a source of revenue as it diversifies production sites to strengthen supply-chain resilience. About 70% of Foxconn’s revenue comes from China, said Young Liu , the company’s chairman. Going forward, the proportion coming from markets outside of China will continue to grow, he said in an earnings call Wednesday. Foxconn’s revenue in 2022 was 6.6 trillion New Taiwan dollars, equivalent to around $215 billion.

☆ Apple supplier Foxconn is on the hunt for semiconductor and EV deals in India
▼ + stars: | 2023-03-04 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Taiwan’s Foxconn has been looking to expand its operations in the South Asian giant after suffering severe supply disruptions in China last year. “India is a country with a large population,” Young Liu, the company’s chairman and CEO, said in a Saturday statement. The company, best known for making Apple (AAPL)’s iPhones, is one of the world’s biggest contract makers of electronics. India has emerged as an attractive potential alternative to China for the likes of Apple. Apple devices are currently manufactured in India by Foxconn, Wistron and Pegatron, which are all Taiwanese companies.

☆ Foxconn January sales hit record high after production restored at world’s biggest iPhone factory
▼ + stars: | 2023-02-05 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Apple supplier Foxconn says its January monthly sales hit a record high as it bounced back from Covid-19 disruptions in China. The manufacturer attributed its performance to a strong rebound at its sprawling campus in Zhengzhou, central China. The site, which is home to the world’s biggest iPhone factory, was crippled late last year by Covid-19 restrictions and workers’ protests. The figures underscore how Foxconn’s Zhengzhou campus, also known as “iPhone city,” is roaring back to life after the massive setbacks. The headaches had led analysts to predict that Apple would likely speed up its supply chain diversification away from China.

☆ White-Collar Recession: Why Job Cuts Are Hitting Professional Workers
▼ + stars: | 2023-01-10 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Why It’s Hard for Apple to Make iPhones Outside of China Apple is facing an uphill battle as it plans to shift its production out of China. Here’s why it’s difficult to replicate Foxconn’s ‘iPhone City’ in Zhengzhou and the company’s finely-tuned ecosystem in countries like India and Vietnam. Photo: Karen Dias/Bloomberg News

The most chilling moment in Gerard Johnstone’s new horror film, “M3GAN,” comes early. Its wildly popular — and immediately viral — trailer seems to give away the entire story, beat by beat, but what it can’t convey is the picture’s delightfully oddball tone, which is poised at a peculiar juncture of slasher horror and self-aware satire. Gemma, dressed in flannels, so you know she’s an antisocial nerd, has developed M3GAN, short for Model 3 Generative ANdroid. As a character, M3GAN is a marvel of design, combining body actor (Amie Donald), voice (Jenna Davis), animatronics, makeup and special effects. (“Humanity kills every day, just to make its existence more bearable,” M3GAN cackles, presumably after doing some online reading about Apple and Foxconn’s Longhua facility.)

☆ What’s Behind Tesla’s Stock Slide?
▼ + stars: | 2023-01-06 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Foxconn, formally known as Hon Hai Precision Industry, is gearing up to supply cars, and the chips and batteries that go into them, to global marques. It sees automakers entrusting the company with production in Indonesia, Thailand, Saudi Arabia, the United States and beyond. Getting there requires Foxconn ditching a tried and tested business model. To make smartphones, the company relies on a few factories it owns in China and it has little say over the underlying supply chains and which components to use. Foxconn has also tied up with Ohio-based Lordstown Motors (RIDE.O) in the United States; its factory is already making electric pickup trucks and could start supplying to other American brands within a year.

Hong Kong CNN —Production at the world’s biggest iPhone factory, disrupted since October by China’s Covid-19 restrictions and worker protests, is now running at nearly full capacity, according to a Chinese state media report. The sprawling campus in central China, owned by Apple (AAPL) supplier Foxconn, was running at 90% of planned production capacity at the end of December, the Henan Daily newspaper reported Tuesday. It cited an interview with Wang Xue, deputy general manager of the facility, which is also known as iPhone city. Gou’s office told CNN that it “denies the report and its contents.”Wang was quoted by the Henan Daily as saying iPhone City currently had about 200,000 workers on site. Analysts said the production woes at iPhone City would speed up the pace of Apple’s supply chain diversification away from China.

A letter from the founder of the world’s largest iPhone assembler played a major role in persuading China’s Communist Party leadership to accelerate plans to dismantle the country’s zero-tolerance Covid-19 policies, according to people familiar with the matter. In the letter to Chinese leaders, Foxconn Technology Group founder Terry Gou warned that strict Covid controls would threaten China’s central position in global supply chains and demanded more transparency into restrictions on the company’s workers, the people said. Mr. Gou sent the letter a little more than a month ago as Foxconn’s factory in the city of Zhengzhou was rocked by turmoil over Covid restrictions.

China has begun to ease some of its Covid restrictions after following a strict containment policy. A letter from the founder of the world’s largest iPhone assembler played a major role in persuading China’s Communist Party leadership to accelerate plans to dismantle the country’s zero-tolerance Covid-19 policies, according to people familiar with the matter. In the letter to Chinese leaders, Foxconn Technology Group founder Terry Gou warned that strict Covid controls would threaten China’s central position in global supply chains and demanded more transparency into restrictions on the company’s workers, the people said. Mr. Gou sent the letter a little more than a month ago as Foxconn’s factory in the city of Zhengzhou was rocked by turmoil over Covid restrictions.

☆ How Foxconn’s Covid Crisis Unfolded, Delaying Your New iPhone
▼ + stars: | 2022-12-07 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Three Ways Democrats Could Overhaul the Debt Ceiling House Republicans are planning to use the debt ceiling, which will need to be raised in 2023, as leverage to get spending cuts. But Democrats are looking to act now in the lameduck session to prevent that. WSJ explains three things they could do.

☆ Premarket stocks: The last time the US faced a debt fight this bad it lost its AAA rating
▼ + stars: | 2022-12-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

In a note on Monday, Goldman Sachs analysts warned that the upcoming debt limit battle in Washington could spark the most uncertainty since the disruptive 2011 debates that cost America its perfect AAA credit score and caused chaos on Wall Street. “To raise the debt limit next year, bipartisan support will be necessary but hard to achieve,” Goldman Sachs economists wrote in the report. Goldman Sachs analysts wrote that the political environment has “echoes of 1995 and 2011” — two very tense standoffs over the debt limit that hurt Main Street and Wall Street. Pain ahead: “It seems likely that uncertainty over the debt limit in 2023 could lead to substantial volatility in financial markets,” wrote Goldman analysts. “A failure to make timely payments would likely hit consumer confidence hard,” Goldman Sachs wrote.

☆ Foxconn’s November Revenue Fell 11% After Covid Outbreak at iPhone Factory
▼ + stars: | 2022-12-05 | by ( Kosaku Narioka | ) www.wsj.com time to read: 1 min

Foxconn said in its monthly revenue report that the Covid situation is under control and it is moving toward restoring normal production capacity. Foxconn Technology Group ‘s November revenue dropped 11% from a year earlier after shipments from Zhengzhou, China, the world’s biggest iPhone assembly site, were affected by a Covid-19 outbreak, the company said Monday. Foxconn’s November revenue fell to 551.1 billion new Taiwan dollars, equivalent to $18 billion, from NT$621.7 billion a year earlier, the company said.

☆ Foxconn restoring production at world's largest iPhone factory
▼ + stars: | 2022-12-05 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

The “epidemic situation” at the facility, known as iPhone City and normally home to hundreds of thousands of workers, has been brought under control, the Taiwanese contract manufacturer said in a statement on Monday. Its executives were quoted as telling Reuters that full production would resume between late December and early January. Analysts said the production woes at iPhone City would speed up the pace of Apple’s supply chain diversification away from China. In recent weeks, according to The Wall Street Journal, Apple (AAPL) has accelerated plans to shift some of its production outside China. If Apple moves aggressively, more than 50% of iPhone production could come from India and Vietnam by the 2025/2026 fiscal year, versus the single-digit percentage currently, he added.

HONG KONG, Dec 1 (Reuters Breakingviews) - Covid-19 lockdowns and protests across China have highlighted the risks of the mutual dependence between Taiwan's Foxconn and its top customer Apple (AAPL.O). It makes 70% of the world’s iPhones, according to Fubon Research. Meanwhile Apple’s huge investments into Foxconn have paid off: the U.S. company is the most profitable smartphone maker by far. Foxconn has been scrambling to contain the fallout, offering bonuses to temporary workers and shifting production to other facilities. At the time, Foxconn said it was bringing the situation under control and was coordinating with other plants to increase production.

☆ China’s Zhengzhou, home to world’s largest iPhone factory, ends Covid lockdown
▼ + stars: | 2022-11-30 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN Business —The central Chinese city of Zhengzhou, home to the world’s largest iPhone factory, has lifted a five-day Covid lockdown, in a move that analysts have called a much-needed relief for Apple and its main supplier Foxconn. Zhengzhou is the site of “iPhone City,” a sprawling manufacturing campus owned by Taiwanese contract manufacturer Foxconn that normally houses about 200,000 workers churning out products for Apple (AAPL), including the iPhone 14 Pro and 14 Pro Max. The troubles started in October when workers left the campus in Zhengzhou, the capital of the central province of Henan, due to Covid-related fears. Total iPhone 14 Pro and 14 Pro Max shipments in the current quarter would be 15 million to 20 million units less than previously anticipated, according to Kuo. Due to the high price of the iPhone 14 Pro series, Apple’s overall iPhone revenue in the current holiday quarter could be 20% to 30% lower than investors’ expectations, he added.

[1/4] FILE PHOTO: The logo of Foxconn is seen outside the company's building in Taipei, Taiwan November 10, 2022. The plant owned by Taiwan-based Foxconn, battered by China's strict COVID restrictions and facing critical year-end holiday demand, was offering enticing hiring bonuses and excellent pay. Hou said he was promised up to 30,000 yuan ($4,200) for just under four months' work - far above the 12,000-16,000 yuan Foxconn workers usually get for four months. In a rare example of large-scale labour unrest in China, Foxconn workers in COVID masks clashed with security personnel in white hazmat suits holding plastic shields. The company previously apologised to workers for a pay-related "technical error" that it said occurred when it was hiring.

☆ Reactions to Apple supplier Foxconn's labour unrest
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - Thousands of employees at Foxconn's (2317.TW) flagship iPhone plant in China have quit since last week, as the major Apple (AAPL.O) supplier battles the latest bout of labour unrest that began in late October due to strict zero-COVID policy. "We see that in these times of unrest, Apple needs to intensify its dialogue with Foxconn management, and if possible Chinese authorities, to communicate in strong terms what its policy expectations are around labour rights, and find solutions to stabilise the situation." As a first step, we have contacted Apple to understand how management views and addresses the on-going situation and what measures they are taking." JANNE WERNING, HEAD OF ESG CAPITAL MARKETS & STEWARDSHIP AT UNION INVESTMENT"This shows the importance of labour standards in the supply chain. We expect Apple, as one of the main buyers, to reassert its influence at Foxconn.

☆ China sees protests against COVID curbs
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +10 min

CHINA PROTESTS Fire deaths fuel COVID lockdown fury How the protests gained momentumProtests have flared in several cities in mainland China in recent days, in a wave of civil disobedience unprecedented since President Xi Jinping assumed power a decade ago. Protests reported across China Protest mapAlthough the demonstrations in recent days are thousands of miles apart, they share elements in common. Video shows crowds topple police barricades in the street to protest against COVID curbs in China’s Guangzhou Crowds topple police barricades in the street to protest against COVID curbs in Guangzhou, China. Nov. 25 – Urumqi protests Crowds took to the streets at night in Urumqi, chanting "End the lockdown!" Video shows people in China’s Xinjiang protesting against COVID lockdown measures in China Protests against COVID lockdown measures in China's XinjiangIn the capital, Beijing, some 2,700 km (1,678 miles) to the east, some residents under lockdown staged small-scale protests or confronted local officials over movement restrictions.

☆ Apple has a huge problem at Foxconn's iPhone factory in China
▼ + stars: | 2022-11-25 | by ( Juliana Liu | ) edition.cnn.com time to read: +5 min

“Every week of this shutdown and unrest we estimate is costing Apple roughly $1 billion a week in lost iPhone sales. Now roughly 5% of iPhone 14 sales are likely off the table due to these brutal shutdowns in China,” he said. Security forces clash with workers during a protest outside Apple supplier Foxconn's factory in Zhengzhou, China, on November 23. Covid outbreakEarlier this month, Apple said shipments of its latest lineup of iPhones would be “temporarily impacted” by Covid restrictions in China. Even before this week’s demonstrations, Apple had started making the iPhone 14 in India, as it sought to diversify its supply chain away from China.

“The new recruits had to work more days to get the bonus they were promised, so they felt cheated,” the worker told CNN. Apple, for which Foxconn manufactures a range of products, told CNN Business that its employees were on the ground at the Zhengzhou facility. Videos showed workers clashing with security guards and fighting back tear gas fired by police. More workers joined the protest after seeing livestreams on video platforms Kuaishou and Douyin, the Chinese version of TikTok, the worker told CNN. Having worked at the Zhengzhou plant for six years, he said he was now deeply disappointed by Foxconn and planned to quit.

Beijing/Hong Kong CNN Business —Workers at China’s largest iPhone assembly factory were seen confronting police, some in riot gear, on Wednesday, according to videos shared over social media. Videos of many people leaving Zhengzhou on foot had gone viral on Chinese social media earlier in November, forcing Foxconn to step up measures to get its staff back. Numerous complaints have also been posted anonymously on social media platforms — accusing Foxconn of having changed the salary packages previously advertised. Searches for the term “Foxconn” on Chinese social media now yield few results, an indication of heavy censorship. A vital hubThe Zhengzhou facility is the world’s largest iPhone assembly site.

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