Foxconn, formally Hon Hai Precision Industry, is expanding production out of China. Picture: REUTERS/TYRONE SIU
That ratio will rise as the company — also known as Foxconn — moves more manufacturing to Southeast Asia and other regions to avoid escalating tariffs on Chinese-made goods headed to US markets, Liu told reporters after his company reported financial results. The Taiwanese company reported better-than-expected net income of NT$22.9-billion for the quarter to end-June, boosted by increased demand for iPads and MacBooks. Revenue was NT$1.13-trillion, but Hon Hai warned it expects its third-quarter sales will be down by double digits compared to 2019 as Apple delays its iPhone launch this year.
Another key customer Xiaomi suffered a backlash in the Indian market amid growing tensions between China and the South Asian country. FIH lost $100m in the first half.Foxconn has been shaking up its traditionally China-focused operations. Hon Hai is among Apple assembly partners that plan to expand operations in India, potentially helping the iPhone maker grow its presence in the country of 1.
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