China’s days as the world’s factory are over, according to a key Apple supplier. The Chairman of Hon Hai Precision Industry, better known as Foxconn, made the comments as his company revealed its latest financial results (via Bloomberg News).
Foxconn Moving Manufacturing Outside of China
Young Liu said it is adding Additional capacity outside of China, up from 25% in June 2019 to 30% now. “No matter if it’s India, Southeast Asia or the Americas, there will be a manufacturing ecosystem in each,” Mr. Liu said. He added that China will still play a key role in his firm’s manufacturing infrastructure, but the country’s “days as the world’s factory are done.” iPhone manufacture has already been slowly moving elsewhere, but that now looks set to increase in the future.