Foxconn to invest $138 million for new business headquarters in China

July 24, 2024 10:39 AM AEST | By EODHD

Google News:

Foxconn to invest $138 million for new business headquarters in China — Image source: Kalkine Media

Recent News

Fed Daly eyes fall for possible policy shift

Fifth Third Announces Three-Year, $20M Investment in North Nashville

Inogen Alliance Associate Awards: Environment Analyst Sustainability D...

New Zealand Construction Report 2025: Output to Contract by 1% Due to...

BEIJING (Reuters) -Taiwan's Foxconn, the world's largest contract electronics maker and Apple's biggest iPhone assembler, said on Wednesday it plans to invest 1 billion yuan ($137.5 million) to construct a new business headquarters in Zhengzhou, China. Foxconn, formally called Hon Hai Precision Industry Co Ltd, signed a contract with the Henan provincial government for the proposed project, which will have a construction area of about 700 acres (283 hectares), the company said. Foxconn is benefiting from strong demand for servers for artificial intelligence applications, with its customers also including AI chip darling Nvidia. The Taiwanese company this month posted better-than-expected quarterly revenue on AI server demand, and forecast continued growth in the current quarter. Foxconn announced plans for its new business headquarters in Henan province in April, which it said would focus mainly on new technologies and core technology research, although it did not reveal an investment figure at the time.

The world's largest iPhone manufacturing facility in Zhengzhou was hit in 2022 by a COVID-19 outbreak that prompted worker departures and unrest as well as production disruptions. ($1 = 7.2748 Chinese yuan) (Reporting by Bernard Orr and Shanghai newsroom; Writing by Anne Marie Roantree; Editing by Jacqueline Wong and Jamie Freed) View comments()

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.