March 21st, 2023: How big is Foxconn? Where will they set up the plant? Read the article to know.
Foxconn, a Taiwanese contract manufacturer, will construct a plant in India to manufacture AirPods after receiving an order from Apple Inc. For the first time, Foxconn, the largest contract electronics manufacturer in the world and the creator of around 70% of all iPhones, has joined the AirPod supply chain, highlighting attempts by the major Apple supplier to further spread production outside of China.
Foxconn is going to invest more than $200 million (Rs 16,506,530,000) in the brand-new Indian AirPod facility in Telangana, as per News sources. Apple sought the choice to establish a production facility in India. Foxconn competes with competing Taiwanese firms like Wistron Corp. and Pegatron Corp. for bigger orders from Apple.
Foxconn Interconnect Technologies Ltd. a subsidiary, intends to begin building a manufacturing plant in Telangana in the second half of the year and commence production at the earliest possible time in 2024.
As tight COVID-19 limits interrupted Foxconn's largest iPhone manufacturing last year, Apple and its major suppliers began moving production out of China. In order to fulfill customer demand and lessen its dependency on China for production, Foxconn declared on Wednesday that it will increase investment outside of China.
What is
?
Foxconn (Hon Hai Technology Group) is a Taiwanese multinational electronics manufacturing company. It is one of the largest contract manufacturers of electronic components and devices in the world. The company was founded in 1974 by Terry Gou and is headquartered in Tucheng, New Taipei, Taiwan.
Picture source: Foxconn
Foxconn is known for its production of electronic devices such as iPhones, iPads, and other Apple products. However, the company also produces components and products for other companies, including Sony, Microsoft, HP, Dell, and Cisco, among others. The company's manufacturing operations are primarily located in Asia, including China, Vietnam, and India.
How big is Foxconn?
As per Crunchbase, it is the world's largest electronics contract manufacturer and the fourth-largest information technology company by revenue.
Foxconn, also appeared in Leading Fortune 500 Companies list at no. 3 in 2022 based on number of employees. Walmart and Amazon ranked No. 1 and No.2 respectively.
The Company's revenue rose to US$215.84 billion (INR 1,78,42,73,73,60,000) in the year 2022.
Foxconn doesn't only manufacture, it is also big time in research and Development and claims to own more than 54,253 patents1.
A patent1 protects new inventions, processes, or scientific creations. Technical inventions, such as chemical compositions like pharmaceutical drugs, mechanical processes like complex machinery, or machine designs that are new, unique, and usable in some type of industry.
Other reasons Foxconn has been in news!
- Last year in November, Foxconn was worst hit by Beijing's Covid Zero outbreak-suppression strategy, as the company is dealing with a recent Covid outbreak that sent around 200,000 of its employees into quarantine. After some of the workers were placed in quarantine, they abandoned the factory in order to evade COVID-19 limitations. Videos emerged on Chinese social media of Foxconn employees carrying their possessions while walking out of the facility.
- April 16, 2022: Apple has begun production of the iPhone 13 at the Foxconn manufacturing plant near Chennai, in a move that is expected to significantly increase the growth rate of the company.
American multinational tech company Apple has begun production of its flagship iPhone 13 in India at its manufacturing partner Foxconn's plant near Chennai. Experts believe that this move will give Apple a much larger market presence in India, the second-largest smartphone market in the world.
“We are excited to begin making iPhone 13–with its beautiful design, advanced camera systems for stunning photos and videos, and the incredible performance of the A15 Bionic chip–right here in India for our local customers,” Apple said in a statement.
February 22, 2022: Five companies have made proposals of 20.5 billion USD (1.5 lakh crore INR) to manufacture electronic chips and display fabs.
On Saturday, the 19th of February, the Indian Government said in a statement that it has received proposals worth 20.5 billion USD from 5 companies. The companies want to set up local manufacturing plants for semiconductors and displays.
Vedanta, a joint venture with Foxconn, IGSS, which is a Singapore based venture, and ISMC have proposed an investment of 13.6 billion USD (more than 1 lakh crore INR) to set up manufacturing plants for electronic chips. Electronic chips are one of the most valuable items in the tech world, and there is a worldwide chip shortage going on right now. They’re used heavily in computers and peripheral equipment, consumer electronics, automobiles and even the defense and space industry heavily relies on it. The three companies have also sought support from the government for 5.6 billion USD (41.8 thousand crore INR).
