Foxconn Expects More Stability as Chinese Lockdown Eases

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Foxconn, which makes the iPhone, among other things, expects the second half of this year to “go in the better direction” in terms of its electronics manufacturing supply chain.

 

Chairman Liu Young-way gave more details on the company’s prospects at the annual shareholders’ meeting. Foxconn is the largest electronics manufacturer in the world. The company makes, among other things, the iPhone, and servers from HPE, but also wants to supply five percent of the world market for electric cars by 2025.

That is not going very smoothly at the moment because there are strict lockdowns in Shanghai, where a lot of electronics are made. They seem to be easing now. Residents in low-risk areas will be allowed to return to work from this week. This means that Foxconn assumes that the second half of this year will go better.

Especially for the production of cars, Foxconn hopes to be the first without a shortage of materials. “The fact that tens of thousands of dollars in cars are not ready because of small fifty cent chips is painful for our customers,” it sounds. Earlier this month, the company warned that inflation, reduced demand and supply chain problems caused by lockdowns would push the company’s sales down.

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