Taiwan-based Apple supplier Foxconn plans further investment in India and may announce details in the next few months as the world’s largest contract manufacturer sees a bright outlook for the country, its chairman said on Tuesday.
Foxconn already makes smartphones in India for Apple Inc and Xiaomi Corp, though in March said it suspended production due to the novel coronavirus outbreak.
Chairman Liu Young-way told Foxconn’s annual general meeting that looking ahead, India was a bright spot for development even though there was a “certain impact” at present due to the virus…
Foxconn’s January-March profit plunged to its lowest in two decades after the outbreak forced the firm to suspend manufacturing in China and knocked demand from customers including Apple.
But the firm, formally Hon Hai Precision Industry Co Ltd, last month said the worst of the outbreak for it was over… For the second quarter, Foxconn has said it expects revenue to show double-digit percentage growth versus January-March, though it will still likely book a single-digit decline from the same period a year earlier.
Foxconn is best known for assembling Apple’s iPhones, many at its factories in China.
MacDailyNews Take: Obviously, ’tis better to spread the risk, putting a few eggs in multiple baskets than to rely on – and be at the whim of – a communist authoritarian surveillance state.