Foxconn has reported that its revenue fell by 11.65% compared to the same period last year due to low demand of electronic products worldwide, and also due to manufacturing disruptions in China.
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Foxconn is investing a massive $700 million to develop a new factory in India's Bengaluru that will manufacture Apple products like the iPhone. This comes amid companies moving capacity out of China.
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Apple has reportedly been in discussions with Indian officials about moving some iPad manufacturing to the country. The company already produces older iPhones and now, the iPhone 14 series in India.
A protest turned violent when workers of the Foxconn factory in Zhengzhou, China clashed with the police on Tuesday. Strict curbs, unpaid wages, and possible infection surge caused the protest.
Foxconn is reportedly boosting hiring at its India plant over the next two years to meet iPhone demand, while China continues restrictions as part of its zero-COVID policy in the Zhengzhou district.
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In a press statement, Apple has stated that production of its iPhone 14 Pro and iPhone 14 Pro Max models will be lower than anticipated due to ongoing COVID-19 curbs in Zhengzhou, China.
Due to strict COVID-19 curbs, iPhone manufacturing is expected to fall 30% in China's Zhengzhou district. Workers were also seen fleeing away from the district due to the restrictions.
Foxconn is ceasing operations of its two factories near Shanghai, China after a rise in onsite Covid-19 cases. It has been more than a month since Shanghai was placed under a strict lockdown.
The tech giant was accused of allowing a supplier factory in China to break labor laws. However, in a statement, Apple has denied most of the allegations, saying that it has been falsely accused.
Last week Foxconn decided not to build a factory in Wisconsin anymore. It has now reconsidered the decision and intends to go ahead with the plans as a result of talks with the White House.
On Sunday, a Foxconn facility in Zhengzhou, China caught fire where luckily no one was injured. Foxconn has made a statement that the blaze will not impact manufacturing.
