Apple iPhone assembler Hon Hai eyes ‘Unprecedented’ Q1

    Hon Hai, the flagship unit of Foxconn Technology Group, runs most of its iPhone manufacturing operations in China. 
    By BLOOMBERG
    | Updated on Jan 23 2022, 03:20 PM IST
    Key iPhone assembler Hon Hai Precision Industry Co. may achieve an “unprecedented” performance in the first quarter
    Key iPhone assembler Hon Hai Precision Industry Co. may achieve an “unprecedented” performance in the first quarter (REUTERS)
    Key iPhone assembler Hon Hai Precision Industry Co. may achieve an “unprecedented” performance in the first quarter
    Key iPhone assembler Hon Hai Precision Industry Co. may achieve an “unprecedented” performance in the first quarter (REUTERS)

    Key iPhone assembler Hon Hai Precision Industry Co. may achieve an “unprecedented” performance in the first quarter, according to Chairman Young Liu. “Our performance in the first quarter may surpass how we did in the past few years, and it is likely that some staff at key sites will only get two days off during the lunar new year holidays,” Liu said in prepared remarks for the company’s annual party on Sunday.

    Manufacturers around the world are racing to build up inventory out of the fear that outbreaks of the omicron variant and other uncertainties could further disrupt their supply chain. Earlier this month, Taiwan Semiconductor Manufacturing Co. Chief Executive Officer C.C. Wei told analysts he expects companies to maintain a higher level of inventory compared to the past to ensure supply security.

    Hon Hai, the flagship unit of Foxconn Technology Group, runs most of its manufacturing operations in China, which will shut most offices and businesses for seven days starting Jan. 31 for the lunar new year.

    In addition to being a key manufacturing partner to Apple Inc., the Taiwanese company also makes gadgets for other global brands including Dell Technologies Inc., Sony Group Corp. and Nintendo Co.

    iPhone maker Foxconn seals EV partnership with Indonesia

    (Reuters) Taiwan-based Foxconn said it has partnered with Indonesia's Investment Ministry and several companies to support the development of electric cars in the Southeast Asian country, adding to a string of such deals by the iPhone assembler.

    Foxconn, Apple's main iPhone maker, has expanded its activities in electric vehicles (EVs) in recent years, announcing deals with U.S. startup Fisker Inc and Thailand's energy group PTT PCL.

    Foxconn said it has signed a memorandum of understanding for a wide scope of investment on EVs including battery manufacturing with the Indonesian Ministry of Investment as well as Indonesia Battery Corporation, energy firm PT Indika Energy and Taiwanese electric scooter vendor Gogoro.

    The cooperation, which aims to build a "new energy ecosystem" in Indonesia, also includes the development of EV supporting industries such as energy storage systems, battery exchange stations and recycling, Foxconn said in a statement.

    Under the partnership, an open "MIH platform" that provides both hardware and software services will be available to companies in Indonesia, the statement said, without giving details of the size of the investment or production plans.

    Foxconn aims to provide components or services to 10% of the world's EVs by 2025 to 2027, Chairman Liu Young-way has said, vowing to lower manufacturing and other costs for carmaking with its assembly know-how as the world's largest contract electronics manufacturer.

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    First Published Date: 23 Jan, 03:20 PM IST
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