Foxconn, formally called Hon Hai Precision Industry Co Ltd, said revenue last month reached T$450.7 billion ($14.7 billion), in line with its expectations, though it was up 5% compared with April.
The company is targeting a production start at its Devanahalli unit by April 1, 2024
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Foxconn Chairman Liu Young-way told the company's annual shareholders meeting the firm remained cautious about this year due to monetary policy tightening, geopolitical tensions and uncertainty over inflation, but servers were a bright spot due to surging interest in AI.
The authorities are likely to inform the venture between Vedanta and Taiwan's Foxconn that it won't get incentives to make 28-nanometer chips, the report said, citing people familiar with the matter.
The plant will be built on 186.7 acres of land purchased by the company recently in Kongara Kalan. Within nine months, the company intends to complete construction and begin operations of the plant, which will initially employ 25,000 people.
Foxconn has bought a 300-acre land for approximately Rs 300 crore in the Bengaluru rural district of Karnataka. The state government had signed a mega MoU with Foxconn, with the firm committing to investing Rs 8,000 crore for a mobile manufacturing unit that would provide employment opportunities for 50,000 people in the state. Watch the video to see more details about the purchase made by the principal assembler of Apple iPhones and why both Foxconn and Apple are looking towards India as an alternative to China as a manufacturing hub.
The land tract is on the outskirts, in Devanahalli near the Bengaluru airport.
Foxconn chairman Young Liu during his visit to India in March had said working with the Telangana government would enable him to double the company's revenue over the next four years
Apple in India: India is expected to assemble up to half of the world's iPhones by 2027, from 7 percent now, as Apple looks to reduce manufacturing dependence on China. India is also important for the US company to extend its market reach.
Tension between Taipei and Beijing has surged in the run-up to January's election, as China stages regular military exercises near the island to assert sovereignty claims that Taiwan's democratically elected government rejects.
Foxconn, a major Apple Inc supplier and iPhone assembler, has big ambitions in the EV market as it seeks to diversify its revenue base.
Foxconn’s plan to invest about Rs 8,000 crore is the latest. The company’s plants will be located at Doddaballapura and Devanahalli taluk. After many incentives and subsidies, the state is now working on a GIS-based system for providing information on compliances and quick identification of land parcels.
Revenue last month reached the third highest on record for March at T$400.3 billion ($13.14 billion), though that represented a 21.1% year-on-year fall, the company said in a statement.
Foxconn founder Terry Gou stepped down as Foxconn chief in 2019 and made a presidential bid that year, but dropped out after losing the race to win the nomination for the KMT, which traditionally favours close ties with China.
Tamil Nadu where Apple’s top supplier Foxconn Technology Group operates India’s largest iPhone plant, is considering passing new rules that will make factory shifts more flexible, people familiar with the matter said.
A delegation led by Foxconn CEO and chairman Young Liu visited the state a fortnight ago and held a meeting with CM Basavaraj Bommai in Bengaluru
The deal will see Foxconn, the world's largest contract electronics maker and assembler of around 70% of all iPhones, become an AirPod supplier for the first time and underlines efforts by the key Apple supplier to further diversify production away from China.
The world's largest contract electronics maker, which gets more than half of its revenue from consumer electronics, forecast significant growth this year in other areas such as computing, cloud and networking and component products.
On March 3, 300 acres of land were identified for Foxconn's manufacturing facility at the Information Technology Investment Region (ITIR) industrial area, near the Bengaluru International Airport.
This amply clears the doubts as raised in a certain section of the press that, Foxconn company was in a dilemma as to whether to set up the manufacturing facility in Telangana or not, the release said.
The Taiwanese contract manufacturer faces competition in the market for creating white-label EVs that can be tailor-made for clients, whether that's a major automaker or a delivery provider or any other company.
Revenue last month still managed to reach the second highest on record for February at T$402.0 billion ($13.18 billion), with operations returning to normal at the COVID-disrupted Zhengzhou campus in China, a centre for iPhone production, the company said in a statement.
The tech giant, which is a major assembler of Apple iPhones, denied the sums discussed in the media. Bloomberg reported that Foxconn is planning to invest $700 million on a new plant in Karnataka for building iPhone parts.
This comes a day after the iPhone maker signed a similar MoU with Telangana.