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Supply Chain

Foxconn to invest $250m in Vietnam to produce EV parts

Apple supplier plans 2 new factories to cut reliance on iPhones

Foxconn is shifting into electric vehicles after years of reliance on iPhone assembly.    © Reuters

HANOI -- Taiwanese contract manufacturer Foxconn plans to invest about $250 million to build two new plants in northern Vietnam, including one that will make components for electric vehicles. 

The factories will be at an industrial park in Quang Ninh province, 86 miles east of Hanoi, local officials say. The move is part of the Apple supplier's efforts to reduce reliance on iPhone assembly. 

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