iPhone maker Foxconn in huge pivot from China
plans to invest about US$700-million on a new plant in India to ramp up local production, people familiar with the matter said, underscoring an accelerating shift of manufacturing away from China as Washington-Beijing tensions grow.
The investment is one of Foxconn’s biggest single outlays to date in India and underscores how China’s at risk of losing its status as the world’s largest producer of consumer electronics. Apple and other US brands are leaning on their Chinese-based suppliers to explore alternative locations such as India and Vietnam. It’s a rethink of the global supply chain that’s accelerated during the pandemic and the war in Ukraine and could reshape the way global electronics are made.
The plans could still change as Foxconn is in the process of finalising investment and project details, the people said. It’s also unclear if the plant represents new capacity, or production that Foxconn is shifting from other sites such as its Chinese facilities.Apple declined to comment. Hon Hai, whose chairman Young Liu met India’s Prime Minister Narendra Modi this week, did not immediately respond to an e-mail seeking comment. The Karnataka state government also did not immediately respond.
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