Foxconn, which is Apple’s major supplier for the iPhone, is based in Taiwan. But it is owned by Chinese firm Hon Hai Precision Industry Co. In announcing its latest Q4 earnings that showed a drop in profits, the firm says it is working to expand away from China.
According to the Wall Street Journal, Foxconn says that currently 70% of its revenue comes from China. However, Chairman Young Liu, said the proportion of revenue from outside the country will continue to grow.
US technology firms are working to leave China in part to end their over-reliance on a single country, especially one that implements intermittent power cuts. They are also looking to move because of continued US/China trade tensions.
Plus, Communist China is just an increasingly hostile place to do business.
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