Hon Hai Precision Industry Co Ltd, as Foxconn is formally known, reported a robust T$447.54 billion ($13.96 billion) in revenue last month, marking an 11.8% increase from the previous year and the second-highest figure for the period on record. However, the first quarter witnessed a 9.6% decline in revenue year-on-year, totaling T$1.322 trillion, which did…
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Foxconn exits India’s chip making project with Vedanta
Foxconn, the world’s largest contract electronics manufacturer and a key supplier to Apple, has backed out of a $19.5bn deal with Vedanta Resources to build a semiconductor plant in India. The companies had announced the joint venture in August 2022, saying it would create 100,000 jobs and boost India’s domestic chip production. But less than…
Electric truck maker Lordstown Motors goes bankrupt and sues Foxconn
Lordstown Motors (RIDE.O), a U.S. electric truck manufacturer, has filed for bankruptcy protection and put itself up for sale after a dispute with Taiwan’s Foxconn over a promised investment. The company filed for Chapter 11 protection in Delaware on Tuesday and sued Foxconn in the same court, accusing the electronics giant of fraud and breach…
Apple Supplier Foxconn to Invest $500 Million in India
Apple supplier Foxconn will invest $500 million to set up manufacturing plants in the southern Indian state of Telangana, the state’s IT minister said on Monday. The investment will create 25,000 jobs in the first phase, K. T. Rama Rao said in a tweet. Reuters in March reported that Foxconn had won an order to…