Taiwan's Foxconn is plan to Investment in India

Taiwan's Foxconn is planning another investment in India and could announce details in the next several months as the world's largest contracting company looks fantastic there, its chairman said Tuesday. Taiwan's Foxconn is already making Indian smartphones in Apple and Xiaomi, though in March it said it had stopped production due to a Covid-19 pandemic outbreak.

Taiwan's Foxconn is plan to Investment in India
Picture taken from: https://www.honhai.com/zh-tw/

Chairman Liu Young-way told Taiwan's Foxconn's annual general meeting that looking ahead, India has been a bright spot for development despite some "impact" currently due to the virus.

Foxconn's January-March earnings plummeted less than two decades after the outbreak forced the company to halt production in China and withdrew demand from customers including Apple.

But the official company, Hon Hai Precision Industry Co, last month said its worst outbreak was over.

Chairman Liu Young-way explained the first quarter results as a "special case" that showed the effect of the Covid-19 pandemic. He said there was no infection in its Chinese plants and that they had been able to start the operation as expected.

Taiwan's Foxconn wants to make a pandemic related loss to its Chinese plants with "resources" from customers and local governments. Liu Young-way did not specify without saying that such activities would take place gradually.

Chairman Liu Young-way also said that, if you look ahead, the second wave of global Covid-19 infection is a threat to its business.

In the second quarter, Taiwan's Foxconn said it expects the currency to show a 2 percent increase compared to January to March, however it will still book a one-digit decline from the same time last year.

Taiwan's Foxconn is best known for integrating Apple's iPhones, several of their factories in China.

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