Foxconn, the world’s largest contract electronics maker, has been struggling with severe ongoing shortages of chips, reports New Electronics.
“Not only has the company been struggling with falling demand in China, as people have been forced to remain shut in doors, but now high inflation around the world is impacting demand and the war in Ukraine has added yet another problem,” writes NE.
According to the news site, Foxconn has said that it is urgently looking to reduce its reliance on consumer electronics and is planning to diversify into other sectors, in particular electric vehicles which it says could be worth $34bn to the business by 2025.
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