Categories
World News

Foxconn says iPhone manufacturing unit not impacted

Vehicles are stranded in floodwater near Zhengzhou Railway Station on July 20, 2021 in Zhengzhou, Henan Province of China.

Zhu Zhe | Visual China Group | Getty Images

GUANGZHOU, China — Taiwan electronics manufacturer Foxconn said Wednesday that its factory in Zhengzhou — known as the world’s largest iPhone assembly plant — has not been impacted by major flooding in the city.

Zhengzhou in China’s central Henan province has been hit with torrential rain. Authorities said it rained more in an hour on Tuesday than it normally would in an average month.

The result has been intense flooding in the city of more than 10 million people. Over 100,000 people have been relocated to safety and 12 people have died, according to state media reports.

Zhengzhou, an important industrial hub, is home to a major factory run by Hon Hai Precision Industry, also known a Foxconn. It is the biggest assembly plant for Apple’s iPhones in the world. Foxconn said its operations had not been affected by the flooding.

Foxconn told CNBC that it had “activated an emergency response plan for flood control measures in that location.”

“We can confirm that there has been no direct impact on our facility in that location to date and we are closely monitoring the situation and will provide any updates as appropriate,” a company spokesperson added.

Apple did not respond to a request for comment.

‘Extremely severe’

Chinese President Xi Jinping called the flooding “extremely severe,” according to his comments published by the official Xinhua news agency.

Unverified videos circulating on Chinese social media such as Twitter-like service Weibo, showed people trapped on a train in Zhengzhou’s subway system submerged in water up to their chests.

Other images show cars floating in flooded streets.

Policemen evacuate traffic in floodwater near Zhengzhou Railway Station on July 20, 2021 in Zhengzhou, Henan Province of China.

Zhu Zhe | Visual China Group | Getty Images

Zhengzhou’s subway network has suspended its operations while hundreds of flights have been cancelled. The army has been called in to help with the rescue efforts.

Various state media reported stories of rescue efforts including 150 kindergarten teachers and students being successfully saved and people being taken off buses stuck in flooded roads.

State-backed newspaper Xinhua, citing the chief forecaster for Henan province’s meteorological station, said the heavy rainfall is expected to last until Wednesday evening.

Categories
Business

Fisker shares surge on EV take care of Apple iPhone assembler Foxconn

The New York Stock Exchange welcomes Fisker Inc. (NYSE: FSR) to celebrate its recent IPO today, Monday, November 9, 2020.

Source: NYSE

Electric vehicle startup Fisker’s shares rose more than 20% on Wednesday morning after the company announced a manufacturing deal with Foxconn Technology Group.

The two companies have signed a memorandum of understanding for the Taiwan-based electronics contract maker, best known for assembling Apple iPhones and producing more than 250,000 units Electric vehicles per year for Fisker, according to a joint announcement by the companies on Wednesday.

Fisker, which went public through a reverse merger last year, has a market capitalization of $ 5.26 billion.

Assembly of the vehicle is expected to begin in the fourth quarter of 2023, according to the company. The officials gave few more details about the planned electric vehicle, except for a “new segment vehicle”.

“We will create a vehicle that transcends social boundaries, offers a combination of advanced technology, desirable design, innovation and value, while fulfilling our commitment to creating the most sustainable vehicles in the world,” said Henrik Fisker, CEO of Fisker. in a statement.

The companies announced that the deal, code-named Project PEAR (Personal Electric Automotive Revolution), is expected to close in the second quarter of this year. It would be Fisker’s second big deal in the past few months. The company has already signed a contract with auto supplier Magna to produce the Fisker Ocean, its first expected vehicle.

Magna and Fisker are expected to start production on the ocean in the fourth quarter of 2022. The ocean will initially be produced exclusively by Magna in Europe.