iPhone-maker Foxconn plans overseas expansion
STORY: It makes about 70% of all iPhones.
But Foxconn is suffering as demand for consumer electronics tails off.
That could leave its giant factories looking less busy.
The world’s largest maker of electronics for other brands expects revenue for the first quarter and full year to be flat.
For the final quarter of last year, profit fell 10% to about $1.3 billion, in line with forecasts.
Now Taiwan-based Foxconn plans to respond with an overseas investment drive.
It wants to win new customers including car makers.
The move comes after unrest late last year at a plant in China.
Workers there were unhappy over strict health-crisis restrictions.
That sparked protests and prompted thousands of employees to leave, disrupting production at a key time of year.
Now the company wants to build on existing efforts to diversify away from China.
It also wants to avoid any problems related to the mounting tensions between Beijing and Washington.
Other countries targeted for investment include the U.S., Vietnam, India and Mexico.
Right now about 70% of Foxconn’s revenue comes from goods made in China, but that share is expected to fall.
The firm didn’t put a number on the scale of its planned overseas investments.