US-China trade war: Apple's iPhone manufacturer Foxconn to invest $1 billion in Chennai plant
Sat, Jul 11, 2020, 10:51 AM
Foxconn plans to invest up to $1 billion to expand its production plant at Sriperumbudur in Chennai, Tamil Nadu where the Taiwanese contract manufacturer assembles Apple iPhones, two sources said. The move, the scale of which has not previously been reported, is part of a quiet and gradual production shift by Apple away from China as it navigates disruptions from a trade war between Beijing and Washington and the coronavirus crisis. The plant is currently manufacturing the XR models of the iPhone. With the fresh investment, the plant will generate 6,000 new jobs.