Foxconn chief hints at reduced role, will remain chairman
Foxconn chief hints at reduced role, will remain chairman
An employee holds a box of the Apple Inc. iPhone XS at an Apple store during its launch in Hong Kong China | Anthony Kwan | Bloomberg
17 April, 2019, 20:38
Gou didn't confirm which iPhone models will be produced in India, however the South China Morning Post suggests Apple could use the Indian manufacturing plant to supply the United States and other major markets in the future. While the older iPhones were produced at a plant in Bangalore for the past several years, the full-scale assembly factory will be situated outside Chennai.
"India is still an emerging smartphone market, it has a lot of potential domestically and could serve as an export hub for the region". "We have moved our production lines there". At one point, the U.S. trade war with China looked like it might send tariffs on U.S. imports from the country as high as 25%, which was reported to be the point at which Apple would seek to move iPhone production out of China.
Terry Gou, speaking on the sidelines of an event in Taipei, said that while he planned to step down as chairman, he hoped to remain involved in strategic decisions regarding the company's business.
It's not yet clear how Apple's steps into India will affect its China operations.
Foxconn now has two assembly sites in India, one located just south of Chennai and the other on the outskirts of Coimbatore, where it makes devices for Xiaomi and Nokia.
Jet Airways temporarily suspends all flights Shares in the company, which have tumbled about 60 percent in the a year ago , closed on Tuesday at 240.50 rupees a share. According to NAG, which has around 1,100 members, the airline is only operating around 450 seats per day.
Locating more production in India would help diversify Apple and Hon Hai's manufacturing footprint away from China amid ongoing trade tensions with the US.
Gou said his plans will be discussed with the board of Foxconn over the coming months and that shareholders will be informed at the AGM in June.
Terry Gou, founder and chairman of Foxconn, attends a forum on industrial internet at the fifth World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 8, 2018.
He added that the company is in discussion with the Indian government with regards to investment.
"We are the primary assembler after all", Gou said. On Xiaomi's Indian website, the Redmi Note 7 has a price of 9,999 rupees ($143), which is about a 10th the price of Apple's iPhone Xs in the country.
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