foxconn | Pixr8 News

24Jul By AnkitaNo Comments

INDIA

Apple starts iPhone 11 manufacturing in India

New Delhi, Jul 24, 2020: Apple has started its latest iPhone 11 manufacturing at Foxconn's facility in Tamil Nadu, according to official sources. This is the fifth model of iPhone which Apple has started manufacturing in the country. '2020 - iPhone 11, 2019 - iPhone 7 & XR, 2018 - iPhone 6S, 2017 - iPhone SE. This chronology is a statement in itself as to how narendramodi govt. has developed the mobile phone manufacturing ecosystem in India. It's only a humble beginning,' Indian Telecom and IT minister Ravi Shankar Prasad said in a tweet. An Electronics and IT Ministry official said 'Apple's latest iPhone is now getting manufactured from India'. According to industry sources aware of the development said that Foxconn has been assembling iPhone 11 at the Sriperumbudur facili...

Foxconn will now Assemble Top-end Apple iPhones in India

28Dec By Gauri SinghNo Comments

News

Foxconn will now Assemble Top-end Apple iPhones in India

Apple will begin assembling its top-end iPhones in India through the local unit of Foxconn as early as 2019, the first time the Taiwanese contract manufacturer will have made the product in the country, according to a source familiar with the matter. Importantly, Foxconn will be assembling the most expensive models, such as devices in the flagship iPhone X family, the source said, potentially taking Apple's business in India to a new level. The work will take place at Foxconn's plant in Sriperumbudur town in the southern state of Tamil Nadu, said the source, who is not authorised to speak to the media and so declined to be named. Foxconn, which already makes phones for Xiaomi in India, will invest Rs 2500 crore ($356 million) to expand the plant, including investmen...

Xiaomi Pacts with Dixon to Produce 55K TV Sets Every Month

11Jun By Lavina TolaniNo Comments

Tech

Xiaomi Pacts with Dixon to Produce 55K TV Sets Every Month

Chinese Smartphone Maker Xiaomi has reportedly entered into a pact with consumer electronics maker Dixon Tech to kick start 55K TV sets production locally every month. While, earlier we had reported about Xiaomi planning to manufacture Mi TV sets in India to amp up Diwali sales, another collaboration with Dixon is a robust move by the company to expand its foothold in the country. Dixon Partnership will likely ensure an August launch “Make in India” Mi TVs. The large scale productions is expected to begin next month at Dixon’s Tirupati plant where 32-inch and 43-inch models will be manufactured. Within the deal, the local production will follow an "open cell" route for which the company will be importing television panels in an open cell state that would involve assembling much be...

1Jun By Gauri SinghNo Comments

Tech

Xiaomi to Start its Television Production in India for Diwali

Chinese electronics company Xiaomi is planning to go ahead with the manufacturing of televisions in India. Instead of importing them from the other country, the company has decided to partner with Foxconn which is Taiwanese contract manufacturer. This idea has basically been formulated to intimidate online sales in the upcoming festive season during Diwali. “Xiaomi’s talks are in advanced stages with Foxconn for manufacturing televisions in India, which will start from July-August so that in the festive season-Diwali sales it has mostly made-in-India models,” quoted an industry executive acquainted with the idea. The manufacturing of televisions in India will give tax benefits to the company, but, it has been reported the prices of the television may not come down and that is because...

23May By Lavina TolaniNo Comments

CHINA

Foxconnn Unit To Raise $4.3 Bn in China Biggest IPO Since 2015

Foxconn Industrial Internet, often known as FII, which is the subsidiary of world's largest contract manufacturer Foxconn has announced to raise 27.1 billion yuan ($4.26 billion), a move that will mark mainland China's biggest IPO in almost three years. The Foxconn unit which is known to make electronic devices, industrial robots and cloud service equipment will offer 1.97 billion shares at 13.77 yuan per share in Shanghai, as per the company's statement filed on the stock exchange. Foxconn is a major Apple Inc supplier and with the proposed listing company wants to wean itself from the heavy dependence of manufacturing smartphones while diversifying into new areas. The Foxconn unit, which is known as FII and makes electronic devices, cloud service equipment and industrial robots,...

Foxconn Unit Put Downs Another $40 Mn Investment In Snapdeal

15May By Lavina TolaniNo Comments

BUSINESS

Foxconn Unit Put Downs Another $40 Mn Investment In Snapdeal

While foreign investments have been raining in Indian e-commerce marketplace, Foxconn Technology Group has announced another write off of an additional $40 million of its $200 million in e-commerce company Snapdeal. Earlier in August 2017, FIH Mobile had written in its annual report that its entire $200 million investment in Jasper Infotech ( Snapdeal owner and operator) cannot be recovered. Moreover, Foxconn had registered impairment loss of around $160 Mn for its investment in Jasper Infotech for six months and the loss period ended June 30, 2017. FIH Mobile, The subsidiary of world's largest contractor Foxconn has forecasted that the recoverable amount from its investment in Jasper Infotech is $3 Mn while citing the failed merger between Flipkart and Snapdeal as being one of th...

Hike, Airtel Payments Bank Tie-Up For Mobile Wallet

22Nov By Press Trust of IndiaNo Comments

News

Hike, Airtel Payments Bank Tie-Up For Mobile Wallet

Messaging app Hike today said it has tied up with Airtel Payments Bank to power its mobile wallet product. Hike users will have access to the bank?s vast product line including merchant and utility payments, it added. The SoftBank-backed app, which has over 100 million registered users, saw over 30 per cent month-on-month growth for its wallet service. "Through this partnership, Airtel Payments Bank gets access to over 100M (million) users on Hike and will begin powering the Hike Wallet product," Hike said in a statement. Hike Messenger VP (Product) Pathik Shah said the company has seen tremendous traction on the wallet over the last few months, most of it being organic. It is on track for over 5 million transactions this month with services like Recharge and peer to peer transa...

Tech Groups Softbank and Foxconn to Deepen Ties With Joint Venture

26Feb By reutersNo Comments

BUSINESS

Tech Groups Softbank and Foxconn to Deepen Ties With Joint Venture

Japan's Softbank Group and Taiwan's Foxconn will soon begin operating a joint venture that deepens ties between two of Asia's biggest technology companies, they said on Friday. The move will give Foxconn, formally known as Hon Hai Precision Industry Co, a 54.5 percent stake in one of Softbank's existing subsidiaries for $600 million and comes as both groups step up investments in the technology sector and consider expansion in the United States. Under the arrangement, a subsidiary of Foxconn will buy new shares in Softbank Group Capital Apac Pte Ltd for a controlling stake, transforming what had been a wholly-owned Softbank unit into a joint venture, the companies said. The deal is expected to take effect on March 1, reducing Softbank's holding to 45.5 percent. The joint ventur...

Foxconn $5 Billion Investment is Not Going Anywhere, Says Devendra Fadnavis

30Oct By Press Trust of IndiaNo Comments

INDIA

Foxconn $5 Billion Investment is Not Going Anywhere, Says Devendra Fadnavis

As per the news that Taiwan-based tech giant Foxconn may shy away from its proposed USD 5 billion investment in Maharashtra, Chief Minister Devendra Fadnavis today said the company is "not going anywhere" and hoped issues raised by it will be resolved soon. "Foxconn had issues pertaining to the Central government. The company wants its manufacturing costs here to match those in China," he said while speaking to reporters at his residence 'Varsha' here. The world's largest electronics contract manufacturer plans to set up manufacturing units in India, which boasts of the world's second-largest base of mobile phone users, to mitigate rising labour costs in China and also lower manufacturing cost of iPhones. Fadnavis said the company, which counts Apple, Xiaomi, Blackberry and Amazon...

9Sep By NitishNo Comments

FUNDING

Taiwan’s Foxconn Invests in Chinese Ride-Hailing Startup Didi Chuxing

Taiwan's Foxconn has invested $119.9 million in Chinese ride-hailing firm Didi Chuxing via one of its subsidiaries, the world's largest electronics manufacturer said on Thursday, in a deal that could value the start-up at about $33.7 billion. With the addition of Foxconn, Didi's roster of investors is increasingly a who's who of global tech giants, including the likes of Apple Inc, Uber Technologies Inc and Chinese firms Tencent Holdings Ltd, Alibaba Group Ltd and Baidu Inc. The deal was made public in a stock exchange filing by Hon Hai Precision Industry Co Ltd, the trading name of Foxconn. In the statement, Foxconn said its subsidiary Foxteq Holdings Inc would own 0.355 percent of Didi, one of China's highest-valued start-ups. The transaction gives Didi a valuation of $33.7 bill...

22Aug By AnkitaNo Comments

BUSINESS

Gionee to Spend Rs 400 Cr on Marketing

Handset maker Gionee will spend around Rs 400 crore on marketing and branding activities over the next few months to capitalise on the festive season demand. The Chinese company, which plans to launch four new smartphones by mid-October, also aims to expand its market share in India to 7-10 per cent by next March. "We had earmarked a budget of Rs 600 crore this year and we have utilised one-third of it till now. About Rs 200 crore will be pumped in the festive season and the remaining amount will be used in the latter part of the fiscal towards various marketing and branding efforts," Gionee India MD and CEO Arvind Vohra said. He added that the company will also launch 4 smartphones, priced between Rs 9,999 and Rs 24,999 by mid-October. Gionee India has also signed up Bollywood act...

India Opens The Door For Apple Stores in New FDI Rules

20Jun By AnkitaNo Comments

News

India Opens The Door For Apple Stores in New FDI Rules

Apple Inc could open its first stores in India and might eventually start manufacturing in the country under new foreign investment rules for retailers outlined on Monday. The new rules exempt foreign retailers for three years from a requirement to source 30 percent of the goods sold in company-owned stores locally. That would allow Apple, which currently sells its iPhones, iMacs and iPads through resellers, to set up its own shops in India, ending months of uncertainty for the California-based company that had first applied for store licenses in January. India is the world's fastest growing large smartphone market with sales expected to rise over 25 percent this year. For Apple, which has less than a two percent share in the smartphone market in the country, gaining a bigger footp...