Foxconn backpedals on USA factory plans: 'It is not a promise

Foxconn backpedals on USA factory plans: 'It is not a promise

According to Nikkei, display manufacturer Sharp has also been interested in a USA based manufacturing facility.

The plans come after U.S. President Donald Trump pledged to put "America First" in his inauguration speech on Friday, prompting Gou to warn about the rise of protectionism and a trend for politics to underpin economic development.

But Gou said us -made iPhones would likely cost more than those produced at Foxconn's Zhengzhou, China facility, which churns out more than 100 million iPhones per year.

In March of last year, Foxconn completed its acquisition of 114-year-old Japanese electronics company Sharp Corporation.

It's the first time he has provided details about a possible USA expansion since one of Foxconn's partners, SoftBank CEO Masayoshi Son, revealed Foxconn was mulling a $7 billion investment after a December meeting with then President-elect Donald Trump.

The world's biggest producer of electronic components Foxconn is considering investing in a $7 billion display-making factory in the United States, according to the company CEO Terry Gou.

Foxconn manufactures more than 100 million of handsets for Apple in a year at the central Chinese city Zhengzhou. There are no TV display factories in the USA, which is the second-largest TV market in the world.

Foxconn considers $7 billion US display factory in cooperation with Apple

Foxconn has considered the building of a facility like this since 2014 and Gou added that if Foxconn was to build the plant in the would require a substantial amount of incentives from the USA government including cheap land as well as power.

Sales more than tripled in the decade through 2016 thanks to iPhone production, making the slackening demand for Apple's star product all the more painful.

"Automation, software and technology innovation will be our key focus in the U.S. in the coming few years", Gou told reporters.

Foxconn said if it does ultimately build a display plant in the United States, that it's now looking at Pennsylvania as the primary location. The outspoken president has made it already known in no uncertain terms that he wants the Apple iPhone to be made in the USA, much to the chagrin of Apple and its suppliers and despite Apple CEO Tim Cook claiming that the American workforce no longer has the expertise to make iPhones themselves. Any investment by Apple in the project would be a political victory for President Donald Trump, who has repeatedly railed against the iPhone-maker for outsourcing jobs to China.

In other words, China has made it very attractive for Foxconn to make it its primary facility factory. The executive ardently favors unifying China and Taiwan, which would further his own business interests - Foxconn owns manufacturing facilities, which have been heavily criticized for their harsh working conditions, in the city of Shenzhen in China's Guangdong province.

The firm is the world's largest contract electronics maker and is best-known for assembling products for global brands such as Apple and Sony.

This month, the Nikkei Asian Review reported that Foxconn and Sharp were exploring the possibility of building a display plant in the U.S. He went on to add that the plant wherever it will be located will provide employment to thousands of workers.

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