The troubled electric vehicle maker Lordstown Motors has followed through with its promise to sue Foxconn over a promised investment and filed for bankruptcy. On June 27, the EV maker filed a legal action against Foxconn, the Taiwanese manufacturer of Apple’s iPhones, while simultaneously filing for Chapter 11 protection in Delaware and put itself up for sale. The…
Lordstown Motors Sues Foxconn and Files for Bankruptcy
June 29, 2023
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Microsoft Agrees to Buy $50 Million Foxconn Parcel in Wisconsin
MADISON, Wis. (AP) — Microsoft has agreed to buy a $50 million parcel of land in southeastern Wisconsin meant for Foxconn after the world’s largest electronics manufacturer failed to fulfill grandiose promises to build a massive facility that would employ thousands of workers. Microsoft plans to build a $1 billion data center on the 315-acre…
Foxconn Q1 Sales Edge Up, but Q2 Outlook Poor
TAIPEI—Taiwan’s Foxconn, the world’s largest contract electronics maker and major iPhone assembler for Apple Inc., said that revenue in the first quarter rose 3.9 percent year-on-year, but that sales for the current quarter would be down. Revenue last month reached the third highest on record for March at T$400.3 billion ($13.14 billion), though that represented…
The US Inflation Reduction Act of 2022 Boosts EV Demand and Supply-Chain Manufacturing
President Joe Biden’s 2022 Inflation Reduction Act (IRA) is igniting a growing demand for new and used electric vehicles (EVs). It also incentivizes manufacturers across the entire EV supply chain with credits when they build new or retool existing facilities for EV manufacturing inside the United States. Taiwan’s Foxconn, the global leader in smart manufacturing,…
LIVE NOW: NTD Business (March 3): Apple Supplier Shifting Production to India; Democrats Urge Not to Let Teens in Metaverse
Walgreens is saying it will not sell an abortion pill by mail in certain states after a warning from conservative attorneys general. A top iPhone supplier is reportedly building a new factory in India, as Apple shifts production away from China. Are you afraid of self-driving cars? If so, you’re not alone, according to a…
NTD Business (March 3): Apple Supplier Shifting Production to India; Democrats Urge Not to Let Teens in Metaverse
Walgreens is saying it will not sell an abortion pill by mail in certain states after a warning from conservative attorneys general. A top iPhone supplier is reportedly building a new factory in India, as Apple shifts production away from China. Are you afraid of self-driving cars? If so, you’re not alone, according to a…
China Exodus—Multiple Apple Suppliers Moving Out of Country
March 1, 2023
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Major Apple suppliers are shifting manufacturing capacity outside of China, with Vietnam and India being their top destinations, as firms struggle with supply disruptions and geopolitical tensions. China-based GoerTek, which makes Apple’s AirPods, is investing $280 million in a new manufacturing plant in Vietnam while also considering other destinations like India. Since January, the company…
Companies Continue to Exit China Despite CCP’s Overture of Strengthening Economy: Observers
February 5, 2023
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China’s ruling communist party has started announcing its plans to stimulate the domestic economy after the week-long Chinese Lunar New Year celebration. However, experts are not optimistic about China’s economic prospects and anticipate another wave of company exits. According to mainland Chinese media, after the Lunar New Year Holiday authorities in many provinces and cities…
Top 10 Global and Hong Kong Financial News in Review
In this article, we highlight ten top items of Hong Kong and global financial news and incidents of 2022. (1) Fed Raises Interest Rates To fight inflation and high prices, The U.S. Federal Reserve (FED) raised the federal funds rate by 0.75 percent four times in succession. It raised interest rates by a cumulative 4.25…
Apple Kisses Up to China Again
Commentary Apple is doing the splits. The maker of iPhones, MacBooks, and AirPods is moving much of its production outside of China to the United States, India, and Vietnam. Simultaneously, the company is shifting production within China from Taiwanese to Chinese companies. Moves to the West and friendly countries will please Western consumers and governments….
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