Foxconn Looking To Source Apple Chips From Saudi Arabia
Foxconn Technology may source chips required for the manufacturing of Apple's iDevices from Saudi Arabia. Talks are in progress to set up a chip-making facility in the country at an investment of about $9 billion.
The move is due to the shutdown of two chip-making facilities in the Chinese city of Shenzhen amid a fresh wave of the COVID-19 pandemic cases in the region.
Meanwhile, the offer of Foxconn is being reviewed by Saudi Arabia for the manufacturing facility of dual-line semiconductors in Neom city.
Foxconn is the largest chip supplier to Apple and has lately invested in the electric vehicle segment. Simultaneously, the Taiwan-based company is in talks with the United Arab Emirates for another project. Taiwanese companies are gradually shifting their focus away from China and one other significant name is TSMC, the makes semiconductor.
ING, a financial services company in the Netherlands, lately said would be monitoring the trade shifts amid tensions between China and Taiwan. GlobalData analyst Gargi Rao revealed untapped trade opportunities may emerge in Taiwan.
Foxconn was founded in February 1974 by Terry Gou and the company is currently headquartered in Tucheng District, New Taipei, Taiwan. It is a multinational electronics manufacturer and the largest in the world. It is simultaneously ranked as the fourth-largest tech company in the world with respect to revenue and the largest private employer in China.
It manufactures for major companies in America, Canada, Japan, Finland and China. Notable products of Foxconn as a contract manufacturer include Nintendo systems, Kindle, iPhone, iPod, iPad and BlackBerry. Data reveals it produces chips of about 40 percent of global consumer electronics.
Gou founded it as Hon Hai Precision Industry and opened its first manufacturing facility in China. 2001 was a turning point for the company when Intel contracted for the manufacturing of motherboards. It further expanded in the following few years and built a plant in Southern China's Huizhou at a cost of $500.
Currently, it has twelve plants in China and the largest is in Shenzhen's Longhua Town where the strength of workers is in hundreds of thousands.
Foxconn has factories in Brazil, Hungary, the Czech Republic, Turkey and Slovakia. It lately announced to be setting up about 12 plants in India and create job opportunities for about one million people. It is paving the path to building up a TV manufacturing factory in Wisconsin, United States.
Some of the major customers of Foxconn include Amazon, Apple, Cisco, Dell, Google, HP, Intel, Microsoft, Motorola, Acer, Sony, Toshiba, Xiaomi, Huawei, Lenovo, Nintendo and HMD Global.