Apple Inc supplier Foxconn on Wednesday said it plans to ramp up investment outside of China and efforts to attract automakers to its contract manufacturing business, as the company reported weaker demand for consumer electronics.
The world's largest contract electronics maker expected revenue for the first quarter and full year to be flat, as weak demand for consumer electronics would be offset by significant growth in computing, cloud, networking and component products."We maintain a relatively conservative view towards the smart consumer electronics and think they might decline slightly," Liu said, pointing to factors including last year's high base as well as inflation and the slowing global economy.
The Apple Inc logo is shown outside the company's 2016 Worldwide Developers Conference in San Francisco, California, U.S. June 13, 2016. REUTERS/Stephen Lamits massive factory in China's Zhengzhou city, disrupting production ahead of Christmas and January's Lunar New Year holidays., said it was both approaching and being approached by many automakers.
"Foxconn will actively expand its EV business in North America and work more comprehensively with traditional and start-up car makers," Liu said.
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