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☆ Foxconn's Covid-hit China plant close to resuming full production, sources say
▼ + stars: | 2023-01-03 | by ( ) www.cnbc.com time to read: +1 min

Foxconn's Covid-hit iPhone plant in China's Zhengzhou city is almost back to full production, with its December shipments reaching about 90% of initial plans, two people with direct knowledge of the matter said. It was also hit by a bout of worker unrest over payment issues. Foxconn has been offering bonuses to attract new workers and convince those still there to stay on. A company source told Reuters last month that it was aiming for the plant to resume full production around late December to early January. "Production has almost fully resumed," said one of the people on Tuesday, who declined to be identified as the information was private.

☆ Foxconn's COVID-hit China plant close to resuming full production, sources say
▼ + stars: | 2023-01-03 | by ( Yimou Lee | ) www.reuters.com time to read: +2 min

TAIPEI, Jan 3 (Reuters) - Foxconn's COVID-hit iPhone plant in China's Zhengzhou city is almost back to full production, with its December shipments reaching about 90% of initial plans, two people with direct knowledge of the matter said. A company source told Reuters last month that it was aiming for the plant to resume full production around late December to early January. "Production has almost fully resumed," said one of the people on Tuesday, who declined to be identified as the information was private. The second person said production was nearly back to normal but that company officials remained cautious over the outlook due to a spike of COVID-19 cases across China. The Zhengzhou plant's troubles highlighted the difficulties companies and workers had in adhering to China's zero-COVID-19 policy.

☆ Foxconn's COVID-hit China plant close to resuming full production -sources
▼ + stars: | 2023-01-03 | by ( Yimou Lee | ) www.reuters.com time to read: +2 min

☆ 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 fine for unauthorised China investment likely to be imposed soon - source
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, Dec 19 (Reuters) - Foxconn (2317.TW), the world's largest contract electronics maker, is likely to be fined soon by Taiwan's government for an unauthorised investment in a Chinese chip maker, a person with direct knowledge of the situation said on Monday. Taiwan said on Saturday it would fine Foxconn over the investment. Taipei also prohibits companies from building their most advanced chip foundries in China to ensure they do not site their best technology offshore. Taiwanese law states the government can prohibit investment in China "based on the consideration of national security and industry development". Foxconn has been seeking to acquire chip plants globally as a worldwide chip shortage rattles producers of goods from cars to electronics.

☆ 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.

☆ iPhone maker Foxconn reports slump in revenue after unrest and Covid outbreak at key China plant
▼ + stars: | 2022-12-05 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Foxconn workers at Taiwanese firm's Zhengzhou, China factory, walked out over a pay dispute with the company. The Zhengzhou factory is estimated to account for more than 70% of Apple's global assembly of iPhones. Foxconn, the world's largest contract electronics maker, on Monday reported a sharp drop in November revenue after the company struggled with a Covid outbreak and worker unrest at the world's biggest iPhone factory in China. In a bid to entice workers back to the factory, Foxconn announced a round of bonuses last month. Investors will now be watching for any impact on Apple , given its reliance on the Zhengezhou factory for global iPhone production.

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.

☆ Foxconn unrest risks iPhone shipments, weighs on Apple shares
▼ + stars: | 2022-11-26 | by ( Yimou Lee | ) www.reuters.com time to read: +5 min

Apple shares were down 1.9% in late morning trade on Friday, while the benchmark Nasdaq index was down 0.3%. LOWER SHIPMENTSKGI Securities analyst Christine Wang said if the current issue lasts through December, around 10 million units of iPhone production will be lost, which translates to 12% lower iPhone shipment in the last quarter of 2022. REUTERS/Ann Wang 1 2Wedbush Securities estimates many Apple stores now have 25% to 30% fewer iPhone 14 Pros than normal heading into the holiday shopping season. In a statement on Nov. 7, Apple said it expected lower iPhone 14 Pro and iPhone 14 Pro Max shipments than previously anticipated. Another Foxconn source familiar with the matter said some new hires had left the campus but did not elaborate on how many.

☆ Foxconn is stuck between rock and hard place
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Nov 24 (Reuters Breakingviews) - The $45 billion top Apple (AAPL.O) supplier Foxconn (2317.TW) is trying to resolve its problems in China with cash. Financial fixes can only do so much to tackle a problem stemming from Beijing’s zero-Covid policy. Workers have been upset after being forced to live in difficult conditions designed to stamp out Covid-19 infections. In every way, manufacturers in China face a long and bumpy road to recovery if they try to please both their workers and Beijing. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

A source familiar with the situation in Zhengzhou said production at the plant was unaffected by the worker unrest and output remained "normal". It makes most of the phones at the Zhengzhou plant, though it has other smaller production sites in India and southern China. Shares of Foxconn have slipped 2% since the unrest emerged in late October. Before the unrest, the Zhengzhou plant employed some 200,000 people. To retain staff and lure more workers Foxconn has had to offer bonuses and higher salaries.

Foxconn, formally called Hon Hai Precision Industry Co Ltd, opened the India plant in 2019 and has been ramping up production. Foxconn has shared its plans with Tamil Nadu officials about accelerating its hiring efforts at the Indian plant due to disruptions in China, said the first government source. "We are gradually increasing our production scale there," the person said, declining to give details on its hiring plans in India. The second government source in India, a senior official in the Tamil Nadu administration, said the state government was working with Foxconn in "finalising" the expansion. 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 (3231.TW) in nearby Karnataka state.

"We will definitely work all out to adjust our production capacity and output, so there is no impact on demand for these two holidays," Liu said. On Wednesday, Foxconn said it would continue production in Zhengzhou under a "closed loop" system, where staff live and work on-site in a bubble isolated from the wider world. "Of course there may be other factors that require the reconfiguration of production capacity, such as geopolitics," Liu said. Having said on Monday it would "revise down" its fourth quarter outlook given the situation in Zhengzhou, Foxconn said revenue in the final three months of this year would be flattish. read moreReuters last month reported that Foxconn's production of Apple's iPhones at the Zhengzhou factory could slump by as much as 30% in November due to tight COVID-19 restrictions.

☆ Apple supplier Foxconn to update on outlook after China COVID curbs
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

Foxconn's main Zhengzhou plant in central China, which employs about 200,000 people, has been rocked by discontent over stringent measures to curb the spread of COVID-19, with many workers fleeing the site. A source familiar with the matter said Foxconn aims to resume full production at its Zhengzhou plant by the second half of November. Apple said on Monday it expects lower shipments of high-end iPhone 14 models than previously anticipated following a significant production cut at the virus-blighted plant in China, dampening its sales outlook for the year-end holiday season. Shares in Foxconn, formally called Hon Hai Precision Industry Co Ltd, closed up 2.5% on Wednesday, outperforming the broader market's (.TWII) 2.2% rise. Reporting by Ben Blanchard; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

[1/5] A man holds an iPhone 14 as Apple Inc's new models go on sale at an Apple store in Beijing, China, September 16, 2022. "We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models. However, we now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated," it said in a statement. Apple, which began selling its iPhone 14 range in September, said customers should expect longer waiting times. It has iPhone production sites in India and southern China, but its biggest is in the city of Zhengzhou in the eastern Chinese province of Henan.

[1/5] People look at Apple products as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. "We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models. However, we now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated," it said. Its main Zhengzhou plant in central China, which employs about 200,000 people, has been rocked by discontent over stringent measures to curb the spread of COVID-19, with many workers fleeing the site. Foxconn, formally Hon Hai Precision Industry Co Ltd, is Apple's biggest iPhone maker, accounting for 70% of iPhone shipments globally.

☆ IPhone plant woes are least of Apple’s problems
▼ + stars: | 2022-11-07 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

But problems there look pale in comparison to other issues caused by Apple’s own consumers. The company led by Tim Cook warned on Nov. 6 that disruption at the Zhengzhou complex has lowered shipments of high-end iPhone 14 Pro phones. Apple recently put on ice plans to increase production of the newly launched iPhone 14. But last quarter, sales of services rose just 5%, a huge step back from the 25% jump in sales in the same quarter in 2021. Follow @rob_cyran on TwitterCONTEXT NEWSApple warned on Nov. 6 that shipments of iPhone 14 Pro and iPhone 14 Pro Max have been disrupted by production woes at a Hon Hai Precision Industry complex in Zhengzhou, China.

☆ Apple supplier Foxconn says working to resume China production as soon as possible
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +3 min

TAIPEI, Nov 7 (Reuters) - Taiwan's Foxconn, Apple Inc's biggest iPhone maker, said on Monday it was working to resume full production at a major plant in China's Zhengzhou as soon as possible that has been hit by COVID-19 curbs, and revised down its fourth quarter outlook. "Foxconn is now working with the government in concerted effort to stamp out the pandemic and resume production to its full capacity as quickly as possible." Foxconn, formally Hon Hai Precision Industry Co Ltd, is Apple's biggest iPhone maker, accounting for 70% of iPhone shipments globally. Having previously guided for "cautious optimism" in the fourth quarter, Foxconn said it will "revise down" its outlook given events in Zhengzhou. Computing products, smart consumer electronics products, and cloud and networking products all showed double-digit growth last month, compared to the same period last year, the company added.

☆ Apple adds Pegatron as new iPhone 14 supplier in India - Bloomberg News
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. REUTERS/Andrew KellyNov 4 (Reuters) - Apple Inc's (AAPL.O) Taiwanese contract manufacturer Pegatron Corp (4938.TW) has begun assembling the new iPhone 14 in India, Bloomberg News reported on Friday, citing people familiar with the matter. read moreMeanwhile, Foxxconn (2317.TW), formally Hon Hai Precision Industry Co Ltd, began production of iPhone 14 in India in September, making Pegatron the second producer of the model in India, Bloomberg report added. All of Apple's biggest Taiwanese suppliers, Foxconn, Pegatron and Wistron Corp (3231.TW) , have ramped up iPhone assembly in India, boosted by Prime Minister Narendra Modi's financial incentives program, Bloomberg said. Pegatron declined to comment, whereas a spokesperson for Apple did not immediately respond to a Reuters query.

☆ Saudi Arabia to Build Electric Vehicles With Apple Supplier Foxconn
▼ + stars: | 2022-11-03 | by ( Rory Jones | ) www.wsj.com time to read: 1 min

The fund has already invested in the Lucid Group, an electric-vehicle maker with plans to set up a factory in the kingdom. Saudi Arabia’s sovereign-wealth fund is partnering with the biggest assembler of Apple Inc. iPhones to manufactur electric vehicles, part of an effort to create an industrial sector that Crown Prince Mohammed bin Salman hopes can diversify his economy away from oil. The Public Investment Fund said Thursday it entered a joint venture with Taiwan-based Foxconn Technology Group to establish an electric-vehicle brand, called Ceer, that will license component technology from BMW to build cars. Foxconn, formally known as Hon Hai Precision Industry Co., will develop electronics in the vehicles with “infotainment, connectivity and autonomous driving technologies,” the Saudi fund said in a joint statement with Taiwanese firm.

☆ Saudi crown prince launches Ceer, first Saudi electric vehicle brand
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Nov 3 (Reuters) - Saudi Arabia's crown prince Mohammed bin Salman has launched Ceer, the first Saudi electric vehicle brand, expected to be available in 2025, the state news agency (SPA) reported on Thursday. Ceer will attract over $150 million of foreign direct investment and is projected to directly contribute $8 billion to the kingdom's GDP by 2034, SPA added. The company is a joint venture between Saudi Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxconn), SPA said. Reporting by Alaa Swilam; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese zone housing major Apple iPhone plant imposes fresh lockdown
▼ + stars: | 2022-11-02 | by ( Brenda Goh | ) www.reuters.com time to read: +2 min

Nov 2 (Reuters) - A Chinese industral park that hosts an iPhone factory belonging to Foxconn (2317.TW) announced a fresh COVID-19 lockdown on Wednesday, raising questions about its impact on the Apple (AAPL.O) supplier's efforts to quell discontent at the factory. Foxconn, formally Hon Hai Precision Industry Co Ltd, is Apple's biggest iPhone maker, producing 70% of iPhone shipments globally. It makes most of the phones at the Zhengzhou plant where it employs about 200,000 people, though it has other smaller production sites in India and south China. Several employees also fled the factory, prompting Foxconn to offer generous bonuses to retain staff. read moreWednesday's lockdown marks a re-tightening of measures in Zhengzhou, which unexpectedly lifted a quasi-lockdown on its nearly 13 million people the day before.

☆ Apple supplier Foxconn quadruples bonuses to staff hit by China COVID lockdown
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +4 min

The original bonus scheme was initially outlined in an article on Monday by the government backed Henan Daily newspaper citing a senior unnamed Foxconn executive. CLOSED LOOP TOLLVideos circulating on social media appear to show departing Foxconn workers laden with luggage and walking along village roads towards their home towns. Many people who said they were Foxconn workers turned to social media to complain about receiving insufficient food or about the uncertainty of the situation. Foxconn did not immediately respond to a request for comment on the Henan Daily article. The Henan Daily is the official newspaper of Henan province, of which Zhengzhou is the capital.

☆ Apple supplier Foxconn gives bonuses to staff hit by COVID lockdown - media
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Apple (AAPL.O) supplier Foxconn (2317.TW) is handing bonuses to workers at its Zhengzhou plant in central China, Chinese government-backed media reported, as it works to quell employee discontent at the site over COVID curbs. Foxconn did not immediately respond to a request for comment on the Henan Daily article. The Henan Daily is the official newspaper of the province of Henan, of which Zhengzhou is the capital. It makes most of the phones at the Zhengzhou plant where it employs about 200,000 people, though it has other smaller production sites in India and south China. The Zhengzhou plant has been rocked by discontent over stringent measures to curb the spread of COVID-19, with several workers fleeing the site over the weekend.

☆ Apple supplier Foxconn gives pay rise to staff hit by COVID lockdown - media
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Apple (AAPL.O) supplier Foxconn (2317.TW) has increased wages and is handing bonuses to workers at its Zhengzhou plant in central China, Chinese government-backed media reported, as it works to quell employee discontent at the site over COVID curbs. Foxconn did not immediately respond to a request for comment on the Henan Daily article. The Henan Daily is the official newspaper of the province of Henan, of which Zhengzhou is the capital. It makes most of the phones at the Zhengzhou plant where it employs about 200,000 people, though it has other smaller production sites in India and south China. The Zhengzhou plant has been rocked by discontent over stringent measures to curb the spread of COVID-19, with several workers fleeing the site over the weekend.

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