Foxconn reports 10% drop in profits, says demand is declining
Apple's major iPhone supplier Foxconn saw its profits for the latest quarter drop a tenth compared to the year before.
Apple's major iPhone supplier Foxconn saw its profits for the latest quarter drop a tenth compared to the year before.
Apple and manufacturing partner Foxconn have successfully lobbied for new labor regulations in southern Indian state of Karnataka in an effort to dial back reliance on Chinese manufacturing.
Apple manufacturing partner Foxconn plans to invest $700 million on an iPhone-focused plant in Bengaluru, India — a move to reduce reliance on China.
After a period of rapid expansion over the last few years, Apple and its suppliers have directly supplied 100,000 new jobs to the India workforce just in the last 19 months — and more are coming.
Apple assembly partner Foxconn is continuing its expansion push by renting a new plot of land in China, which will be used to build smart warehouses near its major iPhone factory.
Apple is continuing to shift parts of its supply chain out of China, and the latest move is an enormous Foxconn site in Vietnam.
Apple assembly partner Foxconn has installed a new chief of its iPhone business, with a change in leadership arriving after months of troubled iPhone 14 Pro production.
Display maker BOE is reportedly following Foxconn and Samsung in building new production facilities in North Vietnam, in part to produce iPhone screens.
Apple's supply chain is making its early-stage preparations for manufacturing the iPhone 15, with trial production of the 2023 models said to have started in China, though one change may also benefit production in India.
A source inside Foxconn claims that December 2022 iPhone orders were unchanged, refuting claims that Apple is cutting back after weak demand.
Sources in China say Apple has reduced its orders from suppliers for almost all of its products, and the news has seen AAPL shares drop.
Production at Foxconn's troubled Zhengzhou facility is now up to 90% of peak capacity, a level that should help Apple catch up on its iPhone 14 Pro model backlog.
Apple spent December launching new Apple TV+ shows, improving apps, adding Matter to HomeKit, and failing to launch two promised releases.
Apple has reportedly chosen Luxshare as an additional manufacturer for the iPhone 15 Pro Max, easing its reliance on Foxconn.
Apple supplier Foxconn is offering a $718 subsidy for employees to keep working after struggles with workers over COVID-19 restrictions.
Following production tests at Foxconn's Vietnam facility, Apple will reportedly move some MacBook Pro manufacturing to the country for the first time.
Foxconn is lifting most of its COVID-19 restrictions at its primary iPhone factory in China, allowing employees to move around again freely.
Apple is planning expansion in India in both its retail and production arms, reports on Monday claim, including 100 new franchise stores, and a tripling of iPhone manufacturing in the next two years.
Apple's main iPhone manufacturer Foxconn is continuing to work on moving away from dependency on China, and has now invested half a billion dollars in India.
Apple's major iPhone supplier Foxconn says that it is getting production back to normal following COVID lockdown and workers rioting.
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