Apple manufacturing partner said to invest $246M from Vietnam for factories
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Apple manufacturing partner Foxconn Technology (OTCPK:FXCOF) will reportedly invest approximately $246M in Vietnam for two new factories, including one for electric vehicle parts.
Foxconn, formally known as Hon Hai Precision (OTCPK:HNHPF), will make the investments in the country's northern province of Quang Ninh, Reuters reported, citing the local authority.

The investment, which will be carried out by Foxconn Singapore, will take the total money invested by the electronics maker to about $3B in Vietnam and will be focused on the production and assembly of telecom and electric vehicle (EV) parts, the report added as per the provincial government.
About $200M will be spent for a factory to manufacture EV chargers and parts and is expected to start production from January 2025 with a workforce of 1,200. About $46M would be invested for a facility to produce electronics and telecommunication parts and manufacturing is expected to start in October 2024, according to the report.
Both factories will be in the province's Song Khoai Industrial Park.
Last month, it was reported that Foxconn also intends to build a new factory in the central province of Nghe An with an initial investment of $100M.
Earlier this month, Stellantis and Hon Hai Technology Group (Foxconn) formed a 50/50 joint venture called SiliconAuto to design and sell semiconductors to the automotive industry.