'Apple Supplier Foxconn Pulls Out Of $19.5B India Chip Project' - CNBC
Portfolio Pulse from Happy Mohamed
Foxconn, a major supplier for Apple, has withdrawn from a $19.5 billion joint venture in India that was set to produce semiconductor and display components. The reason for the withdrawal was not provided. This move is a significant setback to India's ambitions to become a global high-tech manufacturing hub. Despite this, Foxconn continues to build other factories across India.
July 10, 2023 | 1:36 pm
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Foxconn's withdrawal from the joint venture in India could potentially impact Apple's supply chain diversification efforts.
Foxconn is a major supplier for Apple. Its withdrawal from the joint venture in India could potentially disrupt Apple's efforts to diversify its supply chain, especially given the ongoing geopolitical and economic tensions. This could negatively impact Apple's stock in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
NEGATIVE IMPACT
Foxconn's withdrawal from the joint venture could impact India's ambitions to become a global high-tech manufacturing hub, potentially affecting the INDA ETF.
Foxconn's withdrawal from the joint venture is a significant setback to India's ambitions to become a global high-tech manufacturing hub. This could potentially impact the performance of the INDA ETF, which tracks the Indian market.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 85