Saturday, May 21, 2022

Foxconn might soon be building its new plant in Saudi Arabia

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According to the Wall Street Journal, Foxconn Technology Group is in talks with Saudi Arabia to establish a $9 billion plant that could produce microchips, electric car components, and other electronics.

According to the article, Saudi Arabia is considering Foxconn’s offer to establish a dual-line semiconductor contract manufacturing facility known as a “foundry” in Neom, a tech-focused city-state it is developing in the desert.

Reuters reached out to the corporation and Saudi Arabian officials for comment, but neither responded quickly. In recent years, Foxconn, the world’s largest contract electronics maker and a key Apple supplier, has moved into new fields such as electric vehicles (EVs) and semiconductors.

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The company, along with other Taiwanese firms such as TSMC, is attempting to diversify its manufacturing in the face of trade tensions between the United States and China, which have hurt the semiconductor industry. According to the article, Foxconn is also in talks with the United Arab Emirates about possibly locating the project there.

According to the article, Riyadh wants the company to commit to directing at least two-thirds of the foundry’s production through Foxconn’s existing supply chain.

Foxconn, formerly known as Hon Hai Precision Industry Co Ltd, has been busy signing significant investment agreements, including plans for Taiwan and India. Last year, it slashed a planned $10 billion facility in Wisconsin, which former US President Donald Trump had referred to as “the eighth wonder of the world.”

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also read:

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Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.

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