Foxconn anticipates more stable supply Chains In H2. In an official statement at its annual stockholder conference, it confirmed it is anticipating stability to boost or enhance the supply chains in the second half of 2022.
Foxconn chairman Young Liu said the company is “optimistic about the stability of their supply chain for the second half of this year”. The present wave of COVID across China has rattled demand and supply for all principal electronic products including smartphones, tablets, and PCs.
Foxconn supply chain reports
Foxconn -the world’s biggest electronics producer was critically affected by the long-approaching Shanghai COVID-19 lockdowns. The local government has said that the residents in “low-risk” areas will be able to return to work from Tuesday.
In addition to producing contract manufacturing for electronic products, it is also looking to enter the electric vehicle (EV) market with its Foxtron line of cars.
In an official statement at its annual shareholder meeting, Foxconn confirmed it’s expecting stability to improve in the supply chains in the second half of 2022.
Taiwan’s Foxconn, the world’s largest contract electronics maker, said on Tuesday that the second half of the year is heading “in a positive direction” as Shanghai’s COVID-19 lockdown appears to be easing.
“We are very confident in the stability of our supply chain for the second half of this year,” Foxconn chairman Liu Young-way told the company’s annual shareholder meeting. The Shanghai government will allow all residents in ‘low-risk’ areas to return to work from Tuesday.
Foxconn is aiming to become the first electric vehicle (EV) maker “not short on material supplies”, Liu said, referring to an everlasting global chip shortage that has forced carmakers to cut-off production and hurt smartphone production including Apple Inc, a major client.
They are targeting to cover around 5% of the global electric vehicle market by the end of 2025 and have said it is hoping to speed up its ability to make EV chips, many of which are small lower-end integrated circuits including those used in power management.
