Foxconn Plans $246M Investment In Northern Vietnam For Manufacturing EV Parts: Report
Portfolio Pulse from Nabaparna Bhattacharya
Foxconn Technology Co., Ltd. (OTC:FXCOF) has received approval from Vietnam to invest $246 million in two new projects in Quang Ninh, northern Vietnam. The projects, to be undertaken by Foxconn Singapore, will focus on manufacturing and assembling telecom and electric vehicle (EV) parts. Foxconn will spend $200 million on producing EV chargers and components, starting in January 2025, and $46 million to produce electronics and telecommunication components in October 2024. The company's total investments in Vietnam amount to about $3 billion.
June 30, 2023 | 12:07 pm
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Foxconn's new investment in Vietnam for manufacturing telecom and EV parts could potentially boost its revenues and profitability in the long run. The company's diversification away from China could also mitigate geopolitical risks.
Foxconn's new investment in Vietnam is a strategic move to diversify its manufacturing base and tap into the growing EV market. This could potentially increase its revenues and profitability in the long run. Moreover, by diversifying production away from China, the company could mitigate geopolitical risks, which could positively impact its stock price.
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