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☆ China is a stormy place to do business right now after shock exec arrests and Foxconn probes
▼ + stars: | 2023-10-23 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

That follows shock arrests and allegations of bribery at the Shanghai offices of US agency GroupM. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementChilling effectThe probes and arrests are likely to further chill foreign business activity in China. Outwardly, China's leaders have emphasized the country is open to foreign investment. "Both Chinese investment overseas and foreign investment in China have boosted friendship, cooperation, confidence, and hope," said Chinese Premier Xi Jinping earlier this month at a summit on the country's Belt and Road infrastructure initiative.

Persons: —, Foxconn, Bain, Mintz, Steve Tsang, it's, Xi, Dan Harris, Terry Gou, Gou, Tim Cook, Cook, Wang Wentao, Apple, GroupM Organizations: Apple, Foxconn, GroupM, Service, WPP, Financial Times, FBI, SOAS China Institute, New York Times, Chinese Communist Party, Huawei Locations: China, Shanghai, Taiwan, Beijing, New York, Seattle

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

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

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

☆ Foxconn faces tax audit, land use probe - Chinese state media
▼ + 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) - Foxconn Technology Group (2317.TW), Apple Inc's (AAPL.O) largest supplier of iPhones, has been subjected to tax audits 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 enterprises of Foxconn in Henan, Hubei provinces and other places, according to the exclusive report in the nationalist tabloid, the Global Times. It did not elaborate on the investigations or the timing of them. Foxconn did not immediately respond for comment outside of regular business hours.

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

☆ Get ready for 'AI factories'
▼ + stars: | 2023-10-18 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Nvidia is expanding its partnership with Foxconn to build data centers called "AI factories." The aim is for the AI factories to enable development of robots, self-driving cars, and generative AI services. AdvertisementAdvertisementCountries like the US are seeing a factory boom — and so-called "AI factories" could follow. "And the data centers that produce it are AI factories." The announcement of the AI factories comes as major technology companies like Microsoft invest billions into AI-efforts like building new data centers in an effort to cash in on the generative AI hype.

Persons: Foxconn, —, Jensen Huang, Huang, Foxconn didn't, Jonathan Gray, Blackstone Organizations: Nvidia, Service, Foxconn, Hon, Reuters, Microsoft, Research, University of Massachusetts Locations: Taipei, San Francisco and New York, Sweden, Netherlands

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

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

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

☆ Taiwan’s Foxconn to build ‘AI factories’ with Nvidia
▼ + stars: | 2023-10-18 | by ( Eric Cheung | ) edition.cnn.com time to read: +5 min

Taipei CNN —Taiwan’s Foxconn says it plans to build artificial intelligence (AI) data factories with technology from American chip giant Nvidia, as the electronics maker ramps up efforts to become a major global player in electric car manufacturing. Foxconn Chairman Young Liu and Nvidia CEO Jensen Huang jointly announced the plans on Wednesday in Taipei. The duo said the new facilities using Nvidia’s chips and software will enable Foxconn to better utilize AI in its electric vehicles (EV). Nearly 14 million electric cars will be sold in 2023, it projected. REUTERS/Ann Wang Ann Wang/ReutersDuring last year’s tech day, Liu told reporters that the company hoped to build 5% of the world’s electric cars by 2025.

Persons: Taipei CNN — Taiwan’s Foxconn, Young Liu, Jensen Huang, ” Huang, “, ” Liu, Foxconn, ”, Kylie Huang, Ann Wang Ann Wang, Liu, Chiang Shang, TSMC, Jun Seki, Bill Russo, Automobility, Tesla, ‘ I’m, ’, ” Hanna Ziady Organizations: Taipei CNN, Nvidia, Foxconn, Global, International Energy Agency, Hai Technology Group, Daiwa, Tech, REUTERS, Reuters, Lordstown Motors, General Motors, EV, Nissan Motor, Infineon Technologies Locations: Taipei, Taiwan, Kaohsiung, EVs, Ohio, Chiang, German, Shanghai

"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

☆ AI chip firm Kneron raises $49 million as it looks to rival Nvidia, with Foxconn among backers
▼ + stars: | 2023-09-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

The company said it raised an additional $49 million, bringing its total round of funding to to $97 million. Taiwanese giant Foxconn , the company that assembles Apple's iPhones, and Alltek, a communications tech company, were among the investors in the round. In contrast, Kneron designs a chipset that goes into devices like consumer electronics and cars that allow AI on the "edge." "So that will force people to switch into the more low cost (NPUs)," Liu said. Kneron has no shortage of competitors from giants like Qualcomm and MediaTek — which are aiming for on-device AI with their chips — and startups developing AI semiconductors.

Persons: Albert Liu, Harry Murphy, Nvidia's, CNBC's, Liu, Kneron, Foxconn Organizations: Sportsfile, Getty, Nvidia, Qualcomm, Vedanta, Manufacturing Locations: U.S, Kneron, India

☆ Foxconn aims to double jobs, investment in India over next 12 months
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-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 RightsSept 17 (Reuters) - Apple (AAPL.O) supplier Foxconn (2317.TW) aims to double its workforce and investment in India by next year, a company executive said on Sunday. Foxconn already has an iPhone factory in the state of Tamil Nadu, which employs 40,000 people. In August, the state of Karnataka said Foxconn will invest $600 million for two projects in the state to make casing components for iPhones and chip-making equipment. The company's Chairman Liu Young-way said in an earnings briefing last month that he sees a lot of potential in India, adding: "several billion dollars in investment is only a beginning".

Persons: Ann Wang, V Lee, Narendra Modi's, Foxconn, Liu Young, Shivani Tanna, Susan Fenton Organizations: REUTERS, Indian, Thomson Locations: Taipei, Taiwan, India, China, Tamil Nadu, Karnataka, Bengaluru

☆ Foxconn founder Terry Gou has a new running mate — an actor who played the role of a presidential candidate in a Netflix drama
▼ + stars: | 2023-09-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Foxconn founder Terry Gou has picked an actor as his running mate for Taiwan's presidential election. Tammy Lai played the role of a presidential candidate in a Netflix hit. Gou, who is worth $7 billion, is entering Taiwan's presidential race as an independent candidate. Terry Gou, the billionaire founder of Foxconn — a key supplier to Apple — announced Thursday that an actor who played a presidential candidate in a recent Netflix hit will be his running mate for Taiwan's upcoming polls. His pick for vice president is 60-year-old Tammy Lai who played the role of a presidential candidate in Netflix's "Wave Makers," which premiered in April.

Persons: Terry Gou, Tammy Lai, Foxconn, Apple —, Gou, I'd, Lai Organizations: Netflix, Service, Apple, Democratic Progressive Party, Gou, Taiwan's, Kuomintang Locations: Wall, Silicon, Taiwan

☆ 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

☆ 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

☆ 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

☆ Terry Gou, seeking Taiwan presidency, resigns as Foxconn board member
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +3 min

Terry Gou, Foxconn founder announces his bid for the Taiwan presidency during a press event in Taipei, Taiwan August 28, 2023. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Sept 2 (Reuters) - Terry Gou, the billionaire founder of major Apple (AAPL.O) supplier Foxconn (2317.TW), resigned as a company board member, the Taiwanese company said on Saturday, less than a week after announcing a bid to be the island's next president. In a brief statement, Foxconn said Gou had resigned due to "personal reasons", and noted he had "officially handed over leadership of the group to a professional manager four yearsago". Asked on Monday about the issue of conflict of interest with Gou being a major shareholder of Foxconn, which has massive investment in China, Gou said he's willing to "sacrifice" his personal assets in China in the event of a Chinese attack. The DPP-led government, and Lai, have repeatedly offered talks with China but been rebuffed, as Beijing views them as separatists.

Persons: Terry Gou, Ann Wang, Gou, Foxconn, Democratic Progressive Party's, William Lai, Lai, Ko Wen, Hou Yu, it's, Ben Blanchard, John Stonestreet, Louise Heavens Organizations: REUTERS, Rights, Apple, Democratic Progressive, DPP, Taiwan People's Party, ih, Kuomintang, Formosa TV, Thomson Locations: Taiwan, Taipei, Rights TAIPEI, Foxconn, China, People's Republic of China, Beijing

☆ 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

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

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

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

☆ iPhone 15 production begins in India as Apple aims to diversify from China: Report
▼ + stars: | 2023-08-16 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

Apple supplier Foxconn is beginning production of the iPhone 15 in India as the company moves forward with its effort to diversify its manufacturing from China, Bloomberg reported Wednesday. Foxconn's Sriperumbudur plant is getting ready to deliver the new phones weeks after they begin shipping from China-based factories, Bloomberg reported, citing unnamed sources. After a meeting with India Prime Minister Narendra Modi at the White House this year, Apple CEO Tim Cook told CNBC that India represents a "huge opportunity." Apple has more recently ramped up iPhone production in India, assembling more than $7 billion worth there in the last fiscal year, Bloomberg earlier reported. Prior to that, iPhone assembly in India lagged China by six to nine months, Bloomberg reported, but that gap has significantly closed.

Persons: Sundar Pichai, Tim Cook, Narendra Modi, Foxconn's, Biden, Pegatron Organizations: Apple, Washington , D.C, Foxconn, Bloomberg, U.S, India, CNBC, Tata Group, YouTube Locations: Washington ,, India, China, iPhones

☆ Apple supplier Foxconn's Q2 profit slips 1%, beats forecasts
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File PhotoTAIPEI, Aug 14 (Reuters) - Apple Inc (AAPL.O) supplier Foxconn (2317.TW) reported on Monday a 1% drop in second-quarter net profit, as global economic woes hurt demand for smart consumer electronics. The Taiwanese company, the world's largest contract electronics maker, said net profit for the April-June quarter slipped to T$33 billion ($1.0 billion) from a revised T$33.29 billion in the same period the previous year. It was better than an average forecast of T$25.57 billion profit from 13 analysts, according to Refinitiv. Foxconn said it expected revenue for its smart consumer electronics products to slightly decline year on year in the third quarter. Foxconn shares rose 1.4% ahead of the results on Monday, compared to a 1.3% fall in the main market (.TWII).

Persons: Dado Ruvic, Foxconn, Sarah Wu, Hung, Ben Blanchard, Tom Hogue Organizations: REUTERS, Apple Inc, TW, Thomson Locations: TAIPEI, Taiwan

☆ Apple supplier Foxconn cautious despite beating earnings forecasts
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: +3 min

A factory at the mobile phone plant of Rising Stars Mobile India, a unit of Foxconn in Tamil Nadu, India, on July 12, 2019. Apple supplier Foxconn beat estimates for second-quarter earnings on Monday thanks to a booming artificial intelligence sector but retained a cautious outlook for this year due to global economic uncertainties. Within the AI server supply chain, Foxconn has won a "very high" market share for GPU modules and substrates, Liu said. It was better than an average forecast of T$25.57 billion profit from 13 analysts, according to Refinitiv. Apple this month forecast that a sales slump would continue into this quarter, sending shares down despite beating Wall Street sales and profit targets in its fiscal third quarter.

Persons: Liu Young, Liu, Foxconn, Jun Seki Organizations: Stars Mobile India, Apple, Vedanta, Nissan, North, Wall Locations: Tamil Nadu, India, China, Wisconsin, Foxconn

☆ Foxconn's July sales drop 1.23% y/y, Q3 outlook better
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +1 min

The company said revenue was the second-highest for the month of July, thanks to "customers' increasing pull-in" for its smart consumer electronics products, including smartphones. That segment recorded double-digit growth from a year ago, it said, as major vendors such as Apple gear up for new product launches later this year. Other businesses, including computing products such as PCs and cloud and networking products, declined from a year ago, the company said, without elaborating. 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. Second-quarter revenue dropped 13.8% year-on-year, in line with the company's expectations, Foxconn said in July.

Persons: Dado Ruvic, Foxconn, Yimou Lee Organizations: REUTERS, Apple, Hai Precision Industry Co, Taiwan, Thomson Locations: TAIPEI, Taiwan

☆ Factbox: Taiwanese giant Foxconn's growing interest in India
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration//File PhotoNEW DELHI, Aug 3 (Reuters) - Foxconn (2317.TW) has rapidly expanded its presence in India by investing in locations in the south of the country for its manufacturing facilities, as the Taiwanese giant seeks to move away from China. Foxconn, the leading contract manufacturer of electronics, already has an iPhone factory in Tamil Nadu, which employs 40,000 people. Here are some of the areas where the company has invested, according to announcements and sources familiar with its plans. APPLE ASSEMBLYFoxconn plans to make casing components for iPhones at a new Karnataka facility with $350 million in investment that will generate 12,000 jobs. MOBILE COMPONENTSFoxconn has signed a deal on Monday with southern state of Tamil Nadu to invest 16 billion rupees ($194 million) in a new electronic components manufacturing facility that will create 6,000 jobs.

Persons: Dado Ruvic, Foxconn, Narendra Modi's, Tanvi Mehta, Barbara Lewis Organizations: REUTERS, APPLE ASSEMBLY, Apple, Reuters, Applied Materials, Vedanta, Thomson Locations: India, China, Tamil Nadu, Karnataka, Gujarat, Thailand

☆ 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

☆ iPhone maker Foxconn to invest $600 million into phone and chip project in India
▼ + stars: | 2023-08-02 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Foxconn will invest more than $600 million in India as part of a phone manufacturing project and separately a semiconductor equipment facility, according to the government of the state of Karnataka. The phone project will create employment opportunities for 12,000 people, Patil said, while the semiconductor facility will generate employment for 1,000 people. Foxconn has also, with little success so far, tried to enter the semiconductor manufacturing area. Applied Materials was not immediately available for comment. Modi attended a semiconductor event in India last week, at which senior executives from big U.S. chip firms including Applied Materials and AMD were present.

Persons: Foxconn, B Patil, Patil, Narendra Modi, Modi, Young Liu Organizations: Materials, Vedanta, CNBC, Applied Materials, AMD Locations: Krakow, Poland, India, Karnataka, U.S, China

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