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Tamil Nadu has offered Foxconn approximately 200 acres of land for a proposed battery energy storage system (BESS) unit, which would be the company's second facility globally. The state is also providing an incentive package to attract the world's largest contract manufacturer of electronics, as discussions are nearing completion. This initiative aligns with Foxconn's strategy to diversify beyond smartphone manufacturing, focusing on electric vehicles and battery production.
Foxconn anticipates that new tariffs from U.S. President-elect Donald Trump will have a lesser impact on its operations compared to competitors, thanks to its extensive global manufacturing footprint. Chairman Young Liu noted that while clients might shift production locations, Foxconn's business model as a contract manufacturer positions it favorably against potential tariff challenges.
Nvidia shares fell 3.21% in premarket trading after the company reported third-quarter earnings that, despite beating expectations with $35.08 billion in revenue (up 94% year-on-year), indicated a slowdown in growth compared to previous quarters. This decline affected other chipmakers, with Intel, Qualcomm, and AMD also experiencing losses. Analysts remain optimistic about Nvidia's future, particularly with the anticipated launch of its next-generation chip, Blackwell, amid strong demand.
UBS maintains a "Neutral" rating on Apple with a price target of $236, reflecting recent data on iPhone 16 availability. Meanwhile, JPMorgan upgraded Apple to "Overweight" with a target of $265, as the company navigates various market challenges and opportunities. In related news, an Apple insider sold over $45 million in shares, and the company is facing a $3.80 billion antitrust lawsuit regarding iCloud storage.
China's manufacturing sector is rapidly adopting automation to combat rising labor costs and a shrinking workforce. Companies like Tusk Robots and Zongwei are leading the way, providing training and support to ensure ease of use for their sophisticated machines. Despite a growing market for domestic robots, a significant skills gap remains, particularly among migrant workers, necessitating ongoing education and training initiatives to prepare the workforce for advanced manufacturing technologies.
Vietnam is on the verge of achieving emerging market status, with FTSE Russell retaining it on the watchlist and projecting a potential upgrade by September 2025. The government is focused on economic reforms, aiming for a GDP growth of 6.2% next year, while the country benefits from global supply chain shifts amid U.S.-China tensions. However, challenges such as skilled labor shortages and infrastructure issues persist, alongside a significant anti-corruption campaign that may temporarily hinder progress.
Foxconn has invested approximately Rs 267 crore ($31.8 million) in equipment for its Tamil Nadu factory to begin manufacturing the iPhone 16 Pro series, marking the first production of Apple's high-end models outside of China. The procurement aims to enhance production capacity at the facility, as confirmed in a regulatory filing.
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