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Foxconn, also known as Hon Hai Precision Industry Co, Ltd (OTC:HNHPF), has finished making the first batch of display screens in Vietnam, something it had not done at its factory in Wisconsin as of last month.
What Happened: The Apple Inc (NASDAQ:AAPL) supplier churned out the screens from its $26 million manufacturing facility located in Vietnam’s Quang Ninh province, Reuters reported Wednesday (Hanoi Time).
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Most of the screens made at the factory will be exported, according to a statement issued by Vietnam’s government.
“Foxconn is preparing to expand the project and form a production complex,” according to the statement, which said the move would make it the largest exporter in the province, Reuters noted.
Why It Matters: The Vietnamese government said that the Taiwanese manufacturer is set to expand the factory and produce up to one million display screens and televisions, which will generate $250 million in revenue next year, which will rise to $1 billion in later years.
Meanwhile, Foxconn failed to secure state tax credits for 2019 in Wisconsin after failing to meet job creation targets for two years in a row as of October.
The state’s economic development agency said in a letter to Foxconn Vice Chairman Jay Lee that the iPhone maker is not anywhere near manufacturing large-screen televisions in the state as it had promised.
Foxconn’s Wisconsin campus was hailed as an example of foreign investment by outgoing President Donald Trump’s administration.
Price Action: Hon Hai OTC shares closed 0.7% higher at $5.79 on Tuesday.
Photo courtesy: Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.