Illustration by Alex Castro / The Verge iPhone assembler Foxconn is dropping out of a $19.5 billion deal with a major Indian company to build a semiconductor factory in the
CPUs surrounded by shadowy ones, kinda spooky and the background is red
Illustration by Alex Castro / The Verge

iPhone assembler Foxconn is dropping out of a $19.5 billion deal with a major Indian company to build a semiconductor factory in the country, according to Reuters. The canceled Foxconn deal was part of a joint venture with the large oil and metal corporation Vedanta.

Foxconn provided a vague explanation as to why it ended its plans to build a semiconductor facility in the country. “Foxconn has determined it will not move forward on the joint venture with Vedanta,” reads a company statement to Reuters. Foxconn says the deal was ended mutually. Vedanta has “lined up other partners” to set up the foundry, the company said in a statement.

The Foxconn-Vedanta fallout is a blow to Indian Prime Minister Narendra Modi’s economic growth efforts for the country and for his home state of Gujarat, where the factory was planned. Foxconn is still operating other facilities in the country, including one in Sriperumbudur, where it’s building iPhone 14 models.

Device makers like Apple have been working with more supply partners to diversify manufacturing outside mainland China as political and economic uncertainties mount. India, in particular, is a market Apple has been trying to break into; the company opened its first Indian retail stores in Mumbai and New Delhi starting in April.

Foxconn’s Vedanta deal is only its latest to go south. As Wisconsin has learned the hard way, throwing $4 billion in incentives at Foxconn is not enough to get the company to build a factory. And it’s currently being sued in the US by ailing EV automaker Lordstown Motors due to alleged “fraud and willful and consistent failure to live up to its commercial and financial commitments.”

original link


You may also be interested in this

Clock ticks on killer iPh…

Woot! refers to its refurbished Apple gear deals lineup as "basically an Apple soup." It's your chance to slurp up bargains! (via Cult of Mac - Apple news, rumors, reviews

iOS 17 updates to Wallet,…

Ahead of iOS 17 being announced at WWDC in June, rumors have suggested Apple is planning changes to the Wallet app, Health app, and the wallpaper picker interface. A new

Apple’s iPhone 15 Cases C…

When Apple introduces new iPhone models every year, it always offers complimenting cases with brand-new colors. The company… The post Apple’s iPhone 15 Cases Could Be Made of Woven Nylon

New Soundcore earbuds jac…

Liberty 4 NC wireless earbuds offer improved ANC, 60 hours of battery life and more for just $100 (with an $80 early-bird option). (via Cult of Mac - Tech and

These are the new emoji c…

Apple is updating the iPhone with even more emoji characters. iOS 17.4 introduces new ways to express approval or denial, break through the chains, rise from the ashes, or just

Kuo: New Apple Watch Ultr…

The second-generation Apple Watch Ultra will launch later this year and feature 3D-printed mechanical parts, according to Apple analyst Ming-Chi Kuo. In a post published on Medium earlier today, Kuo

Best Apple Deals of the W…

This week's best deals are focused on accessories that pair well with Apple products, including AirPods Pro 2, Apple Pencil 2, a big collection of Anker products at Amazon, and

Apple pushes to get smart…

Apple fights smartphone monopoly lawsuit in federal court with a filing saying it "bears no relation to reality." (via Cult of Mac - Apple news, rumors, reviews and how-tos)
X

A whimsical homage to the days in black and white, celebrating the magic of Mac OS. Dress up your blog with retro, chunky-grade pixellated graphics to evoke some serious computer nostalgia. Supports a custom menu, custom header image, custom background, two footer widget areas, and a full-width page template. I updated Stuart Brown's 2011 masterpiece to meet the needs of the times, made it responsive , got dark mode, custom search widget and more.You can download it from tigaman.com, where you can also find more useful code snippets and plugins to get even more out of wordpress.