“We are quite confident in the stability of our supply chain for the second half of this year,” said Liu Young-way, chairman of Foxconn, at the company’s annual meeting of shareholders.
The Shanghai government will allow all residents of “low risk” areas to return to work from Tuesday.[nB9N2XA00P}[nB9N2XA00P}
Foxconn aims to become the first electric vehicle (EV) maker “that has no shortage of hardware,” Liu said, referring to a prolonged global shortage of electronic chips that has forced automakers to halt production and hurt production of smartphones, notably for Apple Inc, a major customer.
“A car that costs tens of thousands of dollars can’t be shipped because of a tiny chip that’s worth fifty cents. It’s been a pain for our customers,” he said.
Foxconn aims to capture about 5% of the global electric vehicle market by the end of 2025 and said it hopes to increase its capacity to manufacture electric vehicle chips, many of which are small, low-end integrated circuits. especially those used in power management.
The company warned this month that revenue from its electronics business, including smartphones, could fall this quarter due to rising inflation, cooling demand and escalating problems. supply chain, partly due to blockages in China.
Foxconn reiterated that while China’s tight COVID-19 law controls had only a limited impact on production as it kept workers on site in a “closed-loop” system, demand for its products in the country has suffered as people remain locked up. (Reporting by Yimou Lee, Sarah Wu and Ben Blanchard; editing by Kim Coghill and Edwina Gibbs)