In an official statement at its annual shareholder meeting, Foxconn confirmed it’s expecting stability to improve in the supply chains in the second half of 2022. Foxconn chairman Young Liu stated the company is “confident in the stability of their supply chain for the second half of this year”. The recent wave of COVID across China has disrupted demand and supply for all major electronic products including smartphones, tablets and PCs.
Foxconn – the world’s largest electronics manufacturer was severely impacted by the long-spanning Shanghai COVID-19 lockdowns. The local government has assured that residents in “low-risk” areas will be able to return to work from Tuesday. In addition to producing contract manufacturing for electronic products, Foxconn is also looking to enter the electric vehicle (EV) market with its Foxtron line of cars.