Geopolitical and health challenges in China are now becoming overwhelming for him. Apple's supplier companies are making India and Vietnam their preferred manufacturing centers. According to Counterpoint Research, major electronics manufacturers are moving quickly to diversify their capacity globally while taking advantage of local incentive policies. Major electronic companies here are making their centers in those countries where they are getting encouragement.
Foxconn wants to move 30 percent of its manufacturing capacity to Brazil and other Asian countries. Companies such as Foxconn and Taiwanese assembler Pegatron Corp. are expanding outside China for assembly and packaging. Companies led by Foxconn and Pegatron have already invested in factories, production lines, advanced manufacturing processes, and training personnel in India. Cheap labor is available in Vietnam as compared to China.
Smartphones manufactured in India grew by 16 percent to reach over 44 million units in the second quarter of this year. According to World Bank data, the number of workers in China has been decreasing continuously since 2020. A pool of skilled workers with some education and training has been the backbone of China. India's huge population makes it an attractive market for foreign companies.
Foxconn to build hostel on 20 acres
Taiwanese contract manufacturer Foxconn is rapidly building a mega hostel on about 20 acres of land near Chennai. It will have several big hostel blocks. Currently, Foxconn has 15,000 employees working in the Electronics Corridor at Sriperumbudur. Most of them are women.
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