FOXCONN TECHNOLOGY
South Korean firm HyVision System inks deal with Karnataka to build plant near Foxconn facility in Bengaluru
South Korean HyVision System signed an agreement with Karnataka on Friday to allow the company to build a factory for camera inspection machines. This unit will be near the Foxconn facility, which is close to Bengaluru's Kempegowda International Airport in Devanahalli.
Foxconn Q2 revenue jumps 19% year-on-year, sees growth in Q3
Foxconn reported its second-quarter revenue jumped 19% year-on-year, and predicted third-quarter revenue would rise year-on-year. Taiwan's Foxconn powering ahead due to the strong demand for servers for artificial intelligence applications, and its customers include AI Nvidia.
Tech-first brokers hit a snag; Foxconn’s Bharat FIH in trouble
Happy Thursday! Online stock brokers, who used low fees to attract customers, now face an uncertain future with Sebi’s new rules. More on this in today’s ETtech Morning Dispatch.
Foxconn’s Bharat FIH is facing turbulence due to top-level exits
Foxconn group company Bharat FIH is in a rough spot, with three of its independent directors having exited its board in the past three months. Interglobe Aviation chairman Venkataramani Sumantran, Sify Technologies cofounder Ramaraj R and former IT and telecom secretary Aruna Sundararajan have resigned. Sources cited the company’s lack of direction as the main reason for the resignations.
Bharat FIH plans factory reset on board, order woes
Foxconn group's Bharat FIH is facing challenges as it loses key directors and considers closing its Sri City facility due to reduced orders from Xiaomi, its main client. The company's dependence on Xiaomi has led to a decline, with industry watchers noting a lack of diversification. Bharat FIH struggles to pivot to other sectors and compete with PLI benefits offered to competitors like Dixon.
Sebi framework for finfluencers; Nazara's Freaks4U deal
The Security and Exchange Board of India (Sebi) has approved a regulatory framework for financial influencers. This and more today’s ETtech Top 5.
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Wary Paytm to avoid regulated biz; Foxconn to make AI servers in India
Happy Friday! Paytm is steering clear of regulated businesses and will instead focus on building a strong distribution network. This and more in today's ETtech Morning Dispatch.
After iPhone, Foxconn’s next big revenue project in India is AI servers
Contract manufacturer Foxconn said it has plans to begin manufacturing AI servers—the high-performance computing engines that train and run artificial intelligence (AI) models—at its Indian facilities, sources told ET.
Foxconn employment row: Trade unions gather info on recruitment exercise at Tamil Nadu plant
The Union Ministry of Labour and Employment has sought a detailed report from the Tamil Nadu labour department after reports suggested that Foxconn was not hiring married women at the sprawling facility near here. An official of a manpower agency in Sriperumbudur said Foxconn India outsources employees through agencies and claimed that he did not come across any such incident of married women not getting preferred for recruitment.
Apple supplier Foxconn rejects married women from India iPhone jobs
A former human-resources executive at Foxconn India said the company's executives verbally convey the recruitment rules to its Indian hiring agencies, which Foxconn tasks with scouting for candidates, bringing them in for interviews and employing them.
Google leases 6,49,000 sq ft office space in Bengaluru
The company has lined up significant investments in the Indian market. This includes plans to manufacture smartphones at a Foxconn facility in Tamil Nadu and starting independent drone manufacturing in the state. Google aims to start production of Pixel smartphones in India, starting with the Pixel 8 model. Reports also suggest that the company is relocating some roles to India, a rapidly growing market.
Google to make Pixel in Tamil Nadu, confirms MK Stalin; drones coming up next?
Alphabet Inc., led by Sundar Pichai, will produce its flagship smartphones in Tamil Nadu, announced Chief Minister MK Stalin. Partnering with Foxconn, they plan to manufacture Pixel phones and potentially drones. This move aligns with Google's 2023 announcement to manufacture Pixel 8 smartphones in India, following Apple and Samsung's production shifts.
Google picks southern Indian state for smartphone production
Google is set to invest billions in Tamil Nadu, India to produce smartphones and drones. The move follows a trend of tech companies, like Apple, shifting production from China. The state aims to boost advanced manufacturing, with Google's decision contributing to its transformation. This shift benefits India's economy and aligns with Prime Minister Modi's incentives to attract electronics manufacturers.
Taiwan is selling more to the US than China in major shift away from Beijing
Taiwan is shifting its focus away from China, the world's second-largest economy, and towards the United States. The world's largest computer chip maker, TSMC, announced bigger investments in the U.S. last month after a boost from the Biden administration. Taiwanese semiconductor company ended its two-decade-long run in mainland China amid a global race to gain the edge in the high-tech industry.
AP fire-hit Foxlink back on track with a new Tamil Nadu plant
Apple supplier, Foxlink of Taiwan, is setting up a new factory in Oragadam, close to Chennai. This move comes as part of a fresh expansion plan following a destructive fire at their facility in Tirupati, Andhra Pradesh, last year.
Yuzhan Technology lease out warehosuing space in Chennai after rise in exports of Apple iPhones in India
Yuzhan Technology, part of Taiwan’s Foxconn Group, leases 550,000 sq. ft. of warehousing space at ESR Industrial Park in Chennai for Apple iPhone exports. The facility supports Foxconn's scaling operations due to growing demand for Apple products manufactured in India, optimizing supply chain logistics for expanding export activity.
International calls for iPhones made in India ring louder; Apple may hit Rs 1 lakh cr export mark in FY25
Apple exports a bulk of its total India production. In FY24, Apple’s total production in India touched $14 billion (Rs 1.2 lakh crore). The company’s exports crossed $10 billion (Rs 85,000 crore). Both these figures were the highest achieved by any company in India till date for a single financial year.
As many as 17 firms under IT hardware PLI to start production this year: IT Secretary
Most IT hardware PLI scheme participants, including major players like Dell and HP, are set to commence production this year, according to a Ministry of Electronics and IT official. 17 out of 27 selected companies are expected to begin production, with the India AI Mission prioritizing domestic firms.
Foxconn considers rotating CEOs in management reshuffle
Senior Foxconn managers, whose clients also include Amazon, have discussed the rotating CEO plan for several months, the three sources with direct knowledge of the matter said. They all requested anonymity due to its sensitivity.
Foxconn considers rotating CEOs in management reshuffle
Foxconn considers a rotating CEO system to enhance talent development, boost governance, and end a one-man rule system. This change may involve Young Liu transitioning from holding both CEO and chairman roles since 2019.
Foxconn’s Bharat FIH looks beyond Xiaomi to offset slump
Bharat FIH diversifies beyond Xiaomi orders at Chennai campus to explore EVs, telecom equipment, and TVs. Leveraging Make in India initiative with PLI benefits, the company aims to support GOI's localization plans and expand capacity based on customer demand.
Big-ticket funding deals in focus; Good Glamm's JV with Serena Williams
Industry executives view this as a notable uptick after the prolonged downturn in funding for technology ventures in India since 2021. While there is a considerable revival in large-size deals, the interest is largely in select good assets which have withstood post-pandemic challenges and continued to grow despite cutting down burn.
Chip off the old Taiwanese block
The recent earthquake off Taiwan's east coast highlights the risks of concentrating chip-making capacity in one territory. While initial reports suggest no immediate impact on supply chains, the incident underscores the need for diversification. Chipmakers are already accelerating plans to diversify beyond Taiwan due to factors like the Covid outbreak and tensions with China. India, with its ambitions in chip manufacturing, offers an interesting proposition for Taiwanese chipmakers and could play a crucial role in diversifying the global semiconductor supply chain.
Pine Labs, Zepto, Meesho press the home button; decoding UPI’s market share cap
Happy Wednesday! A wave of Indian technology startups, including Pine Labs and Zepto, are actively working on plans to shift their domiciles to India. This and more in today’s ETtech Morning Dispatch.
Govt spots missing bits in HCL, Foxconn chip JV, seeks details
Wants info on OSAT unit, tech partner and technology transfer deal between the partners.
Apple supplier Rayprus eyeing Bengaluru facility
The Foxconn subsidiary that makes high-quality precision camera and lens solutions is looking to set up its facility within the sprawling new Foxconn campus coming up in Bengaluru
Foxconn, Samsung, 3 others to get Rs 4,400+ cr under PLI
Apple's contract manufacturers in India, including Foxconn, Wistron, Pegatron, along with Samsung and Dixon Technologies, are set to receive over ₹4,400 crore in incentives for meeting targets in FY23 under the government's production-linked incentive scheme for smartphones. Rising Star (Bharat FIH), Lava, and Optiemus Electronics are among the companies that have not met the PLI targets and are unlikely to receive incentives.
India mobile phone manufacturing industry likely to create up to 2,50,000 jobs in next 12-16 months
Apple and its three contract manufacturers in India –Foxconn, Wistron and Pegatron, as well as homegrown Dixon Technologies are set to significantly expand their workforce to meet domestic and export demand, industry officials said. In recent years, companies like Apple have turned aggressive in their efforts to manufacture in India.
Foxconn CEO Young Liu honoured with Padma Bhushan
Foxconn is the world's largest electronics manufacturer and a leading global science and technology solutions provider. As per Foxconn's official website, Liu is a recognised entrepreneur and innovator with over four decades of industry experience.
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