Apple Inc. supplier Foxconn on Wednesday said it plans to ramp up investment outside of China and efforts to attract automakers to its contract manufacturing business, as the company reported weaker demand for consumer electronics.
Foxconn, which assembles around 70% of iPhones, has been diversifying production away from China, whose strict covid restrictions disrupted its biggest iPhone plant last year. The company also seeks to avoid a potential hit to its business from mounting trade tensions between Beijing and Washington. "It is customer demand that guides our considerations on how to deploy our production capacity in the ICT field," Foxconn Chairman Liu Young-way said on an earnings call, referring to information and communications technology.
He said expansion was needed in countries such as the US, Vietnam, India, Mexico and China, "in response to customer and supply chain adjustments". Liu said currently about 70% of the company's revenue is derived from products made in China, but "going forward the proportion of overseas region will continue to increase".
Foxconn did not say how much its investment would increase by las this year.
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