Foxconn is already scaling back plans for Wisconsin factory

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Foxconn
Foxconn is coming to Wisconsin.
Photo: Foxconn

State representatives in Wisconsin are worried that Apple supplier Foxconn might be about to pull off “the mother of all bait and switches” with its proposed factory in the state.

Foxconn is allegedly scaling back its plans for the factory which could get $4 billion-worth of subsidies and infrastructure spending. Despite President Trump attending the groundbreaking ceremony this past June, construction still hasn’t begun and the plant could be much smaller than originally planned.

iPhone manufacturer struggles despite record revenues

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Foxconn
Foxconn just announced its lowest net profits in five years.
Photo: CBSRe

With Apple recently hitting a $1 trillion valuation, you’d think it would be a great time to be an Apple supplier. According to new quarterly earnings released by Apple’s long-time manufacturer Foxconn, however, that’s not entirely true.

As revealed in Foxconn’s latest financials, consolidated revenues rose 17 percent year-on-year to reach a new historical high of $34.43 billion for Q2 2018. Unfortunately, net profits for the quarter fell 2.18 percent on-year to their lowest level in five years.

Foxconn is hiring to ramp up production for iPhone refresh

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Foxconn
Foxconn is one of Apple's oldest suppliers.
Photo: CBS

This year’s iPhone refresh could be the super cycle Apple’s been waiting for — and manufacturer Foxconn is taking steps accordingly.

As per a new report, the manufacturing giant, which employs around 1 million people in China alone, is ramping up its hiring for people willing to work on the iPhone production line. And it’s offering incentives to help with the recruitment drive!

Foxconn starts Silicon Valley invasion with new AI company

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Foxconn AI
Foxconn founder Terry Gou, right, plans to bring a new AI-centered company to the Silicon Valley.
Photo: Voice of America/Wikimedia Commons

Foxconn Technologies is starting a new company in California’s Silicon Valley to concentrate on artificial intelligence for factory floor automation.

The plan comes as Foxconn looks for ways to deal with the slowdown of smartphone sales globally, demands for higher wages and a changing workforce that is sidestepping manufacturing. Foxconn assembles thousands of iPhones and iPads and is among Apple’s biggest contractors.

Here’s how much each country makes off the iPhone 7

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iPhone-7
The major components for the iPhone 7 come from a variety of counties. Most at of the profit still goes to the U.S.
Photo: Ste Smith/Cult of Mac

The iPhone is made in China, so most of the profit stays over there, right? Actually, everything in that sentence is wrong.

A new study finds that China makes less than $9 from each iPhone 7. Some of the rest goes to other Asian countries, but the lion’s share is earned by Apple and other U.S. companies.

Trump praises Apple at groundbreaking for Foxconn’s U.S. plant

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Donald Trump speaks to supporters at an immigration policy speech at the Phoenix Convention Center in Arizona.
At a groundbreaking ceremony for the Wisconsin Foxconn plant, President Trump applauded Apple's contribution to the U.S.
Photo: Gage Skidmore/Flickr CC

A groundbreaking ceremony today for a huge Foxconn plant was attended by President Trump. Foxconn is best known for assembling the iPhone, but this plant in the Midwest will produce LCD screens.

Although Apple isn’t directly involved with the production facility, the president still used his speech this morning to applaud the iPhone maker.

Foxconn scores generous benefits package for first U.S. factory

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Foxconn
Wisconsin is offering a super generous package to attract Foxconn.
Photo: CBS

Wisconsin will be the site of a new display factory built by Apple manufacturer Foxconn — but local residents will be paying for it.

According to a new report, Wisconsin residents will be coughing up an extra $1 billion on top of the existing $3 billion package of subsidies to attract Foxconn to the area. This “sweetener” will come out of public funds, and will leave the state “on the hook” for 40 percent of the public bonds which finance local expenses should the project flop.

iPhone maker slams China’s overtime caps

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Foxconn
Foxconn's CEO says China's overtime rules are too strict.
Photo: Foxconn

Foxconn could assemble even more iPhones if China eased restrictions curbing factories from abusing overtime, the company’s CEO says.

Billionaire Terry Gou says China’s rules on overtime keep workers from earning more and puts limits on Foxconn’s competitive edge.

Foxconn is establishing a corporate HQ in the U.S.

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Foxconn
Foxconn is growing its presence in the United States.
Photo: CBS

Long time Apple manufacturer Foxconn has revealed that its U.S. corporate headquarters will be located in Milwaukee, Wisconsin.

This is close to its proposed U.S. factory in Wisconsin, which will reportedly be used for producing smartphone displays for clients. Foxconn is building a sprawling $10 billion campus in the area as part of President Donald Trump’s bid to bring manufacturing jobs back to the U.S.

Smart toilets might keep Apple manufacturer flush

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Foxconn
Foxconn is planning for life after Apple.
Photo: CBS

Foxconn has been working with Apple for the past couple of decades, and together they have raked in billions of dollars. However, with smartphone sales plateauing and Apple looking to broaden its supplier base, Foxconn is trying to reinvent itself.

Speaking at a 30th anniversary event for the manufacturing giant on Wednesday, founder Terry Gou described how Foxconn plans to get further into making its own hardware as well as embracing software options like cloud computing. Including one slightly unusual idea.