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BANGKOK (AP) — Foxconn, a Fortune 500 company known globally for making Apple iPhones, was recently subjected to searches by Chinese tax authorities, state media reported Sunday. Foxconn, a Taiwanese -headquartered company officially registered as Hon Hai Precision Industry Co., Ltd, had its offices in Guangdong and Jiangsu provinces searched by tax officials, according to a report in the Chinese state-run Global Times newspaper. The Ministry of Natural Resources also inspected Foxconn offices in Henan and Hubei provinces, where the company has major factories. The report did not provide more details about the searches, including when they occurred or what was found. In recent years, China has banned pineapples, grouper fish and other agricultural products from Taiwan for import.

Persons: —, Terry Gou, Gou Organizations: Fortune, Apple, Hai Precision Industry Co, Global Times, Natural Resources, Chinese Communist Party Locations: BANGKOK, Taiwanese, Guangdong, Jiangsu, Henan, Hubei, Foxconn, China, Taiwan

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

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

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

"The fourth quarter should see significant growth compared to the third quarter," it added, without elaborating. Foxconn, formally called Hon Hai Precision Industry Co Ltd, said revenue last month reached T$660.7 billion ($20.46 billion), down 19.7% year-on-year but soaring 60.1% from August. Revenue in its smart consumer electronics products, including smartphones, saw strong growth month-on-month "due to new product launches in September", Foxconn said. Foxconn is the world's biggest iPhone assembler, but has been trying to diversify into electric vehicles. It added that September year-on-year revenue for cloud and networking products, which includes servers, declined due to "conservative customer pull-in".

Persons: Dado Ruvic, Foxconn, Ben Blanchard, Sarah Wu, Kim Coghill Organizations: REUTERS, Apple, Hai Precision Industry Co, Revenue, Thomson Locations: TAIPEI, Taipei, Taiwan

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

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

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

☆ Foxconn's August sales drop 8% y/y, Q3 outlook better
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

A Foxconn shareholder poses for photos after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. Foxconn (2317.TW), formally called Hon Hai Precision Industry Co Ltd, said revenue last month reached T$412.83 billion ($12.93 billion), down 12% from July. Other businesses, including computing products such as PCs and cloud and networking products, declined from a year ago, Foxconn said, without elaborating. Foxconn's Taipei-listed shares closed up 0.5% on Tuesday ahead of the release of its August sales, compared with flat in the broader market (.TWII). ($1 = 31.9170 Taiwan dollars)Reporting by Yimou Lee and Ben Blanchard; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Foxconn, Yimou Lee, Ben Blanchard, Robert Birsel Organizations: REUTERS, Rights, Apple, Hai Precision Industry Co, Revenue, Thomson Locations: New Taipei City, Taiwan, Rights TAIPEI, China, Foxconn's Taipei

CNN —Billionaire businessman Terry Gou has resigned from the board of directors of Foxconn, the world’s largest electronics manufacturer, days after announcing his bid for Taiwan’s presidency. A self-made, septuagenarian billionaire with a net worth of $6.8 billion, the 72-year-old Gou founded Foxconn, established as Hon Hai Precision Industry in Taiwan in 1974. It grew to become an international business empire and one of the world’s largest electronics contract manufacturers. Taiwan’s presidential election, due in January, comes at period of fraught tensions between the island of 24 million people and its superpower neighbor, China. Taiwan’s presidential election is expected to take place on January 13, 2024.

Persons: Terry Gou, “, ”, Gou, Young Liu Organizations: CNN —, Foxconn, Taiwan’s, CNN, Hai Technology Group, Hai Precision Industry, Apple, Kuomintang, Democratic Progressive Party Locations: Taiwan, China

Terry Gou, Foxconn founder announces his bid for the Taiwan presidency during a press event in Taipei, Taiwan August 28, 2023. Before he announced his bid to run as an independent on Monday, Gou had sought the KMT ticket for the presidency but failed. But his direct language, along with his business acumen, has drawn crowds in pseudo-campaign events across Taiwan that Gou held in the run-up to his announcement. He showed me how to use the touch screen on the spot," Gou said in 2011 about his relationship with Jobs. Gou told Trump he wanted to be a peacemaker between Taiwan, China and the U.S. as Taiwan's president.

Persons: Terry Gou, Ann Wang, Taiwan's Terry Gou, Democratic Progressive Party's, Gou, Sung Wen, APPLE Gou, Foxconn, Steve Jobs, Jobs, reverentially, Xi Jinping, Donald Trump, Trump, Ben Blanchard, Yimou Lee, Sarah Wu, Raju Gopalakrishnan Organizations: REUTERS, Rights, Apple Inc, Foxconn, Democratic Progressive, DPP, Kuomintang, KMT, Taiwan People's Party, National University's Taiwan Studies, APPLE, Hai Precision Industry Co Ltd, Chicago, Atari, Dell, Apple, Sony Corp, Nintendo Co, Microsoft Corp, Communists, Communist Party's, Thomson Locations: Taiwan, Taipei, Rights TAIPEI, China, Beijing, Shanxi, Guangdong, People's Republic of China

☆ 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

☆ Goldman Sachs names 6 stocks set to beat 'intense competition' in the EV industry
▼ + stars: | 2023-08-21 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

The second comprises companies that tap opportunities leveraging new tech and business, said Goldman, naming stocks such as Panasonic, Toyota Industries and Hon Hai Precision Industry. Tesla : Goldman noted that Tesla is ramping up its in-house battery manufacturing capabilities — in addition to its partnerships with battery suppliers. Goldman gave Toyota a buy rating, and 12-month target price of 2,800 Japanese yen ($19.25), representing about 19% potential upside. Toyota Industries : Last year, Toyota Industries developed a bipolar nickel-metal hydride battery for hybrid vehicles. Goldman gave Toyota Industries a neutral rating, and 12-month target price of 9,200 Japanese yen, representing about 7% potential downside.

Persons: Price, Goldman Sachs, Goldman, Hon Hai, Hai, Tesla, BYD, — CNBC's Michael Bloom Organizations: BYD, Toyota Motor, Panasonic, Toyota Industries, Hai Precision Industry, ICT, New, Toyota, EV Locations: Chinese, New Taiwan, EVs

☆ 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

☆ 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

☆ 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

[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

☆ 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.

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