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<a href="http://www.businessinsider.in/searchresult.cms?query=Foxconn+International+Holdings">Foxconn International Holdings</a> (FIH) Mobile's subsidiary has bought 10% stake in Delhi-based mobile Internet Company <a href="http://www.businessinsider.in/searchresult.cms?query=MoMagic">MoMagic</a> Technologies for an undisclosed amount. This comes as the Taiwan-based company plans to expand it’s India business. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Foxconn+International+Holdings">FIH</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=MoMagic">MoMagic</a> aim to tap significant business opportunities in the world's fastest-growing mobile internet and smartphone market. 
 
Charles Pan, Special Assistant to Chairman &amp; Chief Investment Director, <a href="http://www.businessinsider.in/searchresult.cms?query=Foxconn+International+Holdings">FIH</a> Mobile Ltd., said, "Our investment in <keyword id="2942865" type="UNKNOWN" weightage="80" keywordseo="MoMagic">MoMagic</keyword> Technologies is in line with our Group's goal of strengthening FIH's ability to tap the huge potential of the country's emerging mobile Internet and fast-growing smartphone markets. MoMagic has been successful in building a strong customer base and deep understanding of the Indian market, and we believe that this investment will support <a href="http://www.businessinsider.in/searchresult.cms?query=Foxconn+International+Holdings">FIH</a> in building on our core competencies in innovative mobile technology solutions to better serve customers and consumers in this strategic market." 
 
 
The investment also underscores <a href="http://www.businessinsider.in/searchresult.cms?query=Foxconn+International+Holdings">FIH's</a> commitment to actively collaborate with technology companies in India to create a positive industry ecosystem for innovation and business opportunities, the companies said in a joint statement Monday.

Foxconn
buys 10% stake in MoMagic

Taiwanese multinational <keyword id="6380512" type="UNKNOWN" weightage="80" keywordseo="electronics">electronics</keyword> manufacturing company, <keyword id="6354671" type="COMPANY" weightage="80" keywordseo="Foxconn">Foxconn</keyword> and <keyword id="6367820" type="COMPANY" weightage="80" keywordseo="Adani-Group">Adani Group</keyword> might come together to establish at least four electronics manufacturing facilities in India, sources told TOI. 

	Earlier this month, top executives of Foxconn have visited Karnataka, Maharashtra, Andhra Pradesh and Gujarat to survey possible sites to set up manufacturing plants. 
 

	The Taiwanese company is best known for making Apple devices. 
 Sources in the Karnataka government told TOI that Vincent Tong Wen-Hsin, chairman and director of investments at FIH (Foxconn International Holdings) Mobile, and <keyword id="2920558" type="UNKNOWN" weightage="80" keywordseo="Calvin-Chih">Calvin Chih</keyword>, CEO of the company, had discussed the matter with the government. 

	"It could become a $5-billion investment. They visited some other states too. We are hoping that Karnataka's talent pool and fiscal incentives would make them decide to locate a facility here," a government official, who did not want to be named, told the daily. 
 When contacted, <keyword id="224639" type="PERSON" weightage="60" keywordseo="Pranav-Adani">Pranav Adani</keyword>, director in <keyword id="118623" type="COMPANY" weightage="80" keywordseo="Adani-Enterprises">Adani Enterprises</keyword> - the flagship company of the Adani Group - and nephew of Adani Group founder <keyword id="111343" type="PERSON" weightage="80" keywordseo="Gautam-Adani">Gautam Adani</keyword>, told TOI he had nothing to say. The Ahmedabad-based group is a multinational conglomerate with interests in commodities, logistics, agribusiness and energy. 

	In May, Foxconn group chairman Terry Gou told Reuters that the group was looking to develop 10-12 facilities in India, including factories and data centres by 2020. "A lot of our customers, especially Chinese customers, need us to manufacture ... in India, to make phones, tablets, TVs, as soon as possible," Gou had said. 
 

	A Karnataka government official said: "We are talking to Foxconn almost every week to get them to Karnataka. Under our mega projects policy, we can tailor-make incentives for them."
 

	Foxconn has already started working on a small facility in Andhra Pradesh’s Sri City that is likely to make around 10,000 phones a day, largely for Chinese brand Xiaomi. 
 In China, Foxconn makes phones for a number of global brands, including Apple, <keyword id="11148" type="CITY" weightage="80" keywordseo="Motorola">Motorola</keyword>, Huawei, <keyword id="6354356" type="COMPANY" weightage="80" keywordseo="BlackBerry">BlackBerry</keyword>, and Sony. The company is keen to manufacture in India for Indian and global brands. 
	 
	(Image: Reuters)

Foxconn, Adani coming together to produce electronics in India

<ul class="summary-list"><li>Foxconn founder Terry Gou announced he's running in Taiwan's presidential election.</li><li>Gou said Beijing would not be able to influence him despite Foxconn's vast business in China.</li></ul>Terry Gou, the billionaire founder of Foxconn — a key supplier to Apple — has thrown his hat into the ring for Taiwan's presidential election.He is betting on his business ties in his bid for the island's top job. Gou said Beijing — which claimed self-ruled Taiwan as its territory — wouldn't be able to use the businessman's vast empire to influence him. Gou was responding to a reporter's question about how he would react to pressure from Beijing should he be elected as president. Taiwan-based Foxconn is <a href="https://topics.amcham.com.tw/2022/04/will-foxconn-pivot-away-from-china/" target="_blank" rel="noopener">the largest private employer in China.</a>"I will not be threatened," said Gou at a political event on Monday where he announced his campaign, according to Insider's translation of a recording posted on his <a href="https://www.facebook.com/watch/live/?ref=watch_permalink&amp;v=1013722606719978" target="_blank" rel="noopener">Facebook page.</a>When asked about Beijing's potential retaliation against Foxconn — also known as Hon Hai Technology Group — should Gou run for president, he said it would only hurt China's reputation and interests if it confiscated the company's assets.That's because there are many shareholders in the Taipei-listed company, including large international pension funds, he said. Foxconn told Insider separately it has over 800,000 shareholders."If the Chinese Communist Party dares to do this, which country, which investment fund, which company would dare to invest in China?" he said. He clarified he doesn't hold any personal assets in China.Gou said Foxconn's clients include the most important names on Wall Street, including Apple, Amazon, Tesla, and the current <a href="https://markets.businessinsider.com/news/stocks/nvidia-earnings-most-important-company-to-civilization-analyst-ai-chips-2023-8">investor-favorite, Nvidia.</a> So, supply chains would be massively disrupted if Beijing confiscated Foxconn's assets, he said. "How would the Chinese Communist Party explain to major global brands?" he asked. "Besides, <a href="https://www.businessinsider.com/china-gdp-economy-second-quarter-growth-retail-industrial-production-unemployment-2023-7">its economy is terrible now."</a>Gou founded Foxconn in 1974. He is worth nearly $7 billion, with a substantial portion of his wealth derived from a 12.6% stake in the publicly traded division of Foxconn, according to the <a href="https://www.bloomberg.com/billionaires/profiles/taiming-gou/" target="_blank" rel="noopener nofollow">Bloomberg Billionaires Index</a>.The business magnate stepped down as Foxconn's chairman in 2019 in a bid to <a href="https://www.businessinsider.com/foxconn-ceo-terry-gou-taiwan-president-sea-goddess-mazu-2019-4?utm_medium=ingest&amp;utm_source=markets" rel="">run for Taiwan's presidency.</a> However, he dropped out of the race after he failed to win the nomination of KMT, Taiwan's main opposition party.Gou tried again this year, but <a href="https://www.reuters.com/article/taiwan-election/foxconns-gou-congratulates-new-taipei-mayor-for-winning-oppositions-presidential-nomination-idINB9N371015" target="_blank" rel="noopener">failed to win</a> the party's nomination for a second time, sparking widespread speculation that he would run as an independent candidate.In a statement to Insider, a Foxonn spokesperson said Gou "handed off the baton four years ago, stepping away from participating in the daily management of the company." Gou did not immediately respond to a request for comment from Insider. Gou joins a crowded race with three other candidates: Taiwanese Vice President William Lai Ching-te from the ruling Democratic Progressive Party, Hou Yu-ih, the mayor of New Taipei City from the main opposition party Kuomintang, and Taiwan People's Party Chairman Ko Wen-je, a former mayor of Taipei.The Taiwan presidential election is scheduled for January 13, 2024.

The billionaire founder of a key Apple supplier announced his Taiwan presidency run, saying Beijing can't threaten him because of his links with Apple, Tesla, Amazon, and Nvidia

Billionaire Anil Agarwal's <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword> on Wednesday said it has slashed debt by USD 2 billion in the current fiscal as it looked to soothe investor concerns over ability to repay upcoming obligations. The company, which is the parent firm of Mumbai-listed <keyword id="2735606" type="General" weightage="50" keywordseo="vedanta-ltd" source="Orion">Vedanta Ltd</keyword>, had a net debt of USD 9.66 billion as of March 31, 2022, according to an investor presentation on its website. After repayments and borrowings, it has about USD 7.7 billion outstanding, of which USD 3 billion is due for repayment in the fiscal year starting April 2023. In a statement, the company said it has "deleveraged by USD 2 billion in the past 11 months, thus achieving half of its USD 4 billion 3-year debt reduction commitment in the first year alone." Last week, S&amp;P Global Ratings had stated that the company's credit ratings may "come under pressure" if it is unable to raise USD 2 billion and/or sell its international zinc assets. "Powered by robust domestic consumption in the fastest growing major economy, <keyword id="28423" type="General" weightage="100" keywordseo="vedanta" source="Orion">Vedanta</keyword> is delivering healthy cash flows whilst maintaining disciplined capital allocation and has reduced net debt by USD 2 billion, ahead of plans for this fiscal. "During 2023-24 (FY24) and 2024-25 (FY25), Vedanta will continue to deleverage from net debt of USD 7.7 billion and plans to cover 50 per cent of FY24 liquidity requirements internally and the balance through refinancing," the Vedanta statement said. Vedanta Ltd (Vedanta Resources has 70 per cent stake) has proposed sale of the international zinc business to Hindustan Zinc Ltd (Vedanta Ltd has 65 per cent ownership) for nearly USD 3 billion. The government reportedly is averse to the deal. Valuation of the assets is among several concerns flagged by the government, which holds a 29.54 per cent stake in HZL, which was privatised more than two decades ago. S&amp;P had last week stated that Vedanta Resources is fully funded until March 2023, following a dividend declared by Vedanta Ltd in January. "We estimate further dividends from Vedanta Ltd, together with management fees, can be used to meet about USD 1.5 billion of the USD 2 billion the parent requires between April and June, including inter-company loans and interest expenses," it had said. Debt maturities next fiscal include USD 500 million of loan repayments in the quarter ending December 31, 2023 and a USD 1 billion bond in January 2024. "Over the past 20 years, Vedanta has raised more than USD 35 billion through debt and equity and yielded highly attractive returns to shareholders, while maintaining an excellent track record of debt servicing," the Vedanta statement said. Vedanta has a portfolio comprising zinc (world's largest integrated producer), aluminium (<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s largest producer of primary aluminium), oil and gas (India's largest private producer of crude oil), silver (6th largest producer globally), battery metals: Nickel (India's sole nickel producer) and cobalt, copper, iron ore and steel and commercial energy. "Vedanta's next phase of growth will be fueled by its associated companies' investments into semiconductors (India's first semiconductor producer in collaboration with Foxconn), display glass (Avanstrate), renewables (through joint venture with KKR), optical fibre (fibre to home) and transmissions (half of India's power transmission)," the statement said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-posts-820-crore-net-profit-in-q3-gautam-adani-says-current-market-volatility-temporary/articleshow/97914997.cms">Adani Enterprises posts ₹820 crore net profit in Q3: Gautam Adani says current market volatility temporary</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-q3-net-loss-widens-to-7990-crore-average-revenue-per-user-edges-up-to-135/articleshow/97939836.cms">Vodafone Idea Q3 net loss widens to ₹7,990 crore, average revenue per user edges up to ₹135</a> <a href="https://www.businessinsider.in/business/corporates/news/nykaas-stock-plunges-4-2-after-its-q3-net-profit-slips-70/articleshow/97901748.cms">Nykaa’s stock plunges 4.2% after its Q3 net profit slips 70%</a>

Vedanta cuts debt by $2 billion ahead of target to soothe investor concerns

Hey, y'all. Writing to you from New York City, I'm your host, Jordan Parker Erb.What did you do in the brief window that <a href="https://www.businessinsider.com/instagram-confirms-outage-issues-some-users-claim-account-suspended-2022-10">Instagram was down</a> yesterday? Maybe you laid face down in the dark or maybe you didn't even notice the outage. Either way, it appears to be back up, so we can all return to our regularly scheduled Instagramming.Speaking of Instagram: We reported that its parent company, <a href="https://www.businessinsider.com/facebook-has-hidden-tool-to-delete-your-phone-number-email-2022-10">Meta, likely has your contact information</a>, even if you never shared it yourself — and even if you never signed up to use any of its services, including Instagram, Facebook, or Messenger.Below, we break down how to delete it. Let's get started.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://www.businessinsider.com/facebook-has-hidden-tool-to-delete-your-phone-number-email-2022-10"></a>1. Facebook probably has your phone number, even if you never shared it. If any of your friends shared their address books with the platform, they inadvertently offered up your information — <a href="https://www.businessinsider.com/facebook-has-hidden-tool-to-delete-your-phone-number-email-2022-10">even if you never signed up</a> to use any core Meta service, including the Facebook app, Messenger, or Instagram. <ul><li>Now, there's <a href="https://www.businessinsider.com/facebook-has-hidden-tool-to-delete-your-phone-number-email-2022-10">a secret tool</a> to let you delete your info. Facebook quietly rolled out the service, which lets people check whether the firm holds their contact information (such as their phone number or email address), and delete and block it.</li><li>Though the tool appears to have been available since May 2022, the company does not seem to have said anything publicly about it — and it's not easy to find on your own.</li><li>The tool is well-hidden, and apparently only available via a link that is embedded 780 words into a fairly obscure page in Facebook's help section for non-users.</li></ul><a href="https://www.businessinsider.com/facebook-has-hidden-tool-to-delete-your-phone-number-email-2022-10">How to wipe your phone number from Facebook.</a>In other news:<a href="https://www.businessinsider.com/shonda-rhimes-celebrities-leave-twitter-elon-musk-takeover-social-media-2022-10"></a><div type="image" title="Elon Musk and Shonda Rhimes" height="1080" width="1440" msid="95230890" hostid="261" sizebytes="66834"></div>2. Celebrities have ditched — or are considering ditching — Twitter. Stephen King said <a href="https://www.businessinsider.com/stephen-king-quit-twitter-if-forced-pay-verified-blue-check-2022-10">he'll quit Twitter</a> if it forces users to <a href="https://www.businessinsider.com/verified-twitter-users-may-have-to-pay-to-keep-their-badges-report-2022-10">pay to remain verified</a>. Meanwhile, Shonda Rhimes has already left the platform, saying she's "Not hanging around for whatever Elon has planned." <a href="https://www.businessinsider.com/shonda-rhimes-celebrities-leave-twitter-elon-musk-takeover-social-media-2022-10">Here are some of the other figures who've left Twitter.</a>3. Women in venture capital are writing the rules of maternity leave. As more women enter the male-dominated industry, firms are crafting policies on the fly to accommodate new mothers — but many say that doesn't necessarily mitigate an investor's urge to clock in while on leave. <a href="https://www.businessinsider.com/women-venture-capital-change-maternity-leave-policy-culture-2022-10">How they're bending venture capital's culture to their will.</a>4. Apple's iPhone production could be hamstrung due to a COVID-induced worker exodus. Photos and videos <a href="https://www.businessinsider.com/workers-apple-supplier-foxconn-honahi-flee-china-zhengzhou-iphone-factory-2022-10">show workers fleeing</a> from Foxconn, China's biggest iPhone factory, by climbing over fences and walking down highways on foot amid COVID fears. <a href="https://www.businessinsider.com/iphone-production-could-be-hampered-by-workers-leaving-foxconn-factory-2022-10">Here's how that might affect Apple's output.</a>5. For one entrepreneur, being laid off from Shopify was "empowering." Just minutes after being laid off, Clifford Myers created his comedy business, The Other Comedy Company, which uses improv games to help teams meet their goals. He explains how he set up his business, and <a href="https://www.businessinsider.com/entrepreneur-found-shopify-layoff-empowering-launched-new-business-minutes-later-2022-10">what Shopify taught him about entrepreneurship</a>.6. Elon Musk wants a Vine reboot. After <a href="https://www.businessinsider.com/vine-could-be-making-comeback-elon-musk-polls-twitter-users-2022-10">asking his Twitter followers</a> if he should bring back Vine, Musk has asked engineers to revive the short-form video app by year's end. <a href="https://www.businessinsider.com/elon-musk-tells-twitter-engineers-ready-vine-reboot-2022-10">Get the full rundown here.</a>7. Internal memos show what it's like to toil at Elon Musk's Twitter. In an internal message, staff were told <a href="https://www.businessinsider.com/elon-musk-demands-employees-work-24-7-finish-projects-twitter-2022-10">"the expectation is literally to work 24/7"</a> to make Musk's changes. In a separate leaked memo, engineers were told to work with <a href="https://www.businessinsider.com/elon-musk-twitter-employees-told-to-work-with-maniacal-energy-2022-10">"maniacal" urgency and bring their ideas to Musk directly</a>. 8. One woman convinced doubters to give up their F-150s to go electric. Skeptics swore they'd never go for an electric pick-up — but Linda Zhang and her team were able to convince truck-loving Americans to go electric. <a href="https://www.businessinsider.com/meet-woman-who-got-fords-electric-f150-lightning-on-road-2022-6">Take an inside look at how she did it.</a> Odds and ends:<a href="https://www.businessinsider.com/guides/deals/amazon-black-friday"></a><div type="image" title="The Amazon Prime logo on an Amazon box." height="3127" width="4169" msid="95230894" hostid="261" sizebytes="1630850"></div>9. Early Black Friday deals on Amazon are already here. You read that right: We're expecting Amazon to continue rolling out early deals before Black Friday. From Amazon devices to Apple products, <a href="https://www.businessinsider.com/guides/deals/amazon-black-friday">we have a guide to getting the most savings this year.</a>10. Tour the luxurious interior of Mercedes-Benz's $141,000 Tesla rival. In Mercedes-Benz's new EQS, a screen-filled and immensely comfortable interior — think massaging, heating, and cooling seats — stunned Insider's transportation reporter. <a href="https://www.businessinsider.com/mercedes-benz-eqs-580-interior-review-tesla-rival-photo-tour-2022-10">Get a look inside the EQS.</a>What we're watching today:<ul><li>Uber, Airbnb, and others are reporting earnings. <a href="https://markets.businessinsider.com/earnings-calendar">Keep up with earnings here.</a></li><li>WebSummit kicks off today <a href="https://websummit.com/">in Lisbon, Portugal</a>.</li><li>The LA Blockchain Summit <a href="https://dgh.events/event/la-blockchain-summit">starts today</a>. </li><li>It's Tim Cook's birthday.</li></ul>Keep updated with the latest tech news throughout your day by checking out<a href="https://link.chtbl.com/therefresh"> The Refresh from Insider,</a> a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Jordan Parker Erb in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.) Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Facebook likely has your contact info — even if you never signed up for its services. Here's how to remove it.

<ul class="summary-list"><li><keyword id="6355119" type="ORGANIZATION" weightage="60" keywordseo="bmw">BMW</keyword> CFO Nicolas Peter told Bloomberg the automaker wasn't worried about <keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword>'s rumored <keyword id="46640" type="ORGANIZATION" weightage="60" keywordseo="electric-car">electric car</keyword>.</li><li>Apple reportedly plans to build a self-driving EV by 2024, but has made no public announcements.</li><li>"I sleep very peacefully," Peter told Bloomberg. BMW sells the lowest-cost electric car in the US.</li></ul>BMW's chief finance officer said the German carmaker was not concerned with the prospect of Apple launching a rival <keyword id="381751" type="ORGANIZATION" weightage="60" keywordseo="Electric-vehicle">electric vehicle</keyword>."I sleep very peacefully," Nicolas Peter told <a href="https://www.bloomberg.com/news/articles/2021-03-08/bmw-cfo-brushes-off-apple-car-threat-i-sleep-very-peacefully?sref=lAVQtUwz">Bloomberg</a> when asked about Apple's rumored plans.<a href="https://www.businessinsider.com/exclusive-apple-targets-car-production-by-2024-and-eyes-next-level-battery-technology-sources-2020-12">Apple plans to build a self-driving electric car</a> by 2024 and has held talks with <a href="https://www.businessinsider.com/apple-autonomous-car-hyundai-kia-deny-deal-2021-2">Hyundai, Kia</a>, and <a href="https://www.businessinsider.com/apple-car-electric-autonomous-self-driving-nissan-talks-hyundai-2021-2">Nissan</a> about partnering, according to multiple reports.The tech giant has made no public announcements about its self-driving car project, which is internally known as <a href="https://www.businessinsider.com/apple-car-hyundai-kia-near-deal-electric-autonomous-vehicle-report-2021-2">"Project Titan,"</a> though it has recently <a href="https://www.businessinsider.com/six-apple-patents-may-shed-light-on-vehicle-key-features-2021-1">patented some vehicle features</a>."Competition is a wonderful thing - it helps motivate the others," Peter told Bloomberg.Read more: <a href="https://www.businessinsider.com/apple-tim-cook-vr-headset-car-foldable-iphone-future-decade-2021-3">Inside Apple's ambitious next decade, where it could redefine consumer tech with a VR headset, foldable iPhone, and even an Apple Car</a><a href="https://www.businessinsider.com/best-cheap-affordable-evs-electric-vehicles-tesla-nissan-ford-mustang-2021-2">BMW started selling the Mini Electric</a> in 2020, which is the <a href="https://www.businessinsider.com/best-cheap-affordable-evs-electric-vehicles-tesla-nissan-ford-mustang-2021-2">lowest-cost electric car</a> currently available in the US, Insider's Tim Levin reported."We're in a very strong position and we want to remain in a leading position of the industry," Peter added.His comments echo those made less than a month ago by <a href="https://www.businessinsider.com/volkswagen-ceo-diess-not-afraid-of-an-apple-electric-car-2021-2">Volkswagen CEO Herbert Diess, who said his company was "not afraid" of Apple's car plans.</a>"The car industry is not a typical tech sector that you could take over at a single stroke," Diess told the <a href="https://www.faz.net/aktuell/wirtschaft/volkswagen-chef-herbert-diess-ein-konzern-kann-keine-diktatur-stuerzen-17196139.html">Frankfurter Allgemeine Sonntagszeitung</a>. "Apple will not manage that overnight."Apple's talks to <a href="https://www.businessinsider.com/apple-autonomous-car-hyundai-kia-deny-deal-2021-2">collaborate with South Korean Hyundai and Kia on the car</a> were put on hold after news leaked of the potential partnership, <a href="https://www.bloomberg.com/news/articles/2021-02-05/apple-talks-with-hyundai-kia-on-electric-car-paused-recently">Bloomberg</a> reported. The companies had planned to sign a deal by March that would lead to a <a href="https://www.businessinsider.com/apple-and-hyundai-plan-to-collaborate-beta-car-say-reports-2021-1">"beta" version of an Apple electric vehicle</a> as early as 2022, local media reported, though <a href="https://www.businessinsider.com/apple-electric-car-hyundai-execs-wary-ev-vehicle-report-2021-1">Hyundai execs</a> were said to be wary of the partnership.<a href="https://www.businessinsider.com/apple-car-electric-autonomous-self-driving-nissan-talks-hyundai-2021-2">Apple also approached Japanese carmaker Nissan about making an autonomous vehicle together</a>, but the talks collapsed after they clashed over branding, sources told The Financial Times.Electric-car startup Fisker, meanwhile, announced in February it would <a href="https://www.businessinsider.com/apple-car-is-actually-being-made-by-fisker-and-foxconn-2021-2">work with Apple supplier Foxconn</a> to produce more than 250,000 vehicles a year, beginning in late 2023.Peter also told Bloomberg that BMW had no set plans to stop manufacturing combustion-engine cars.<a href="https://www.businessinsider.com/gm-aims-to-end-sale-of-gasoline-diesel-powered-cars-suvs-light-trucks-by-2035-2021-1">General Motors</a>, the US' largest automaker, said it would <a href="https://www.businessinsider.com/gm-aims-to-end-sale-of-gasoline-diesel-powered-cars-suvs-light-trucks-by-2035-2021-1">end all sales of gas-powered vehicles</a> by 2035, and <a href="https://www.businessinsider.com/jaguar-land-rover-fully-electric-2039-2021-2">Jaguar Land Rover</a> said it would go <a href="https://www.businessinsider.com/jaguar-land-rover-fully-electric-2039-2021-2">all-electric by 2039</a>."We need to be in a position to move with the market," Peter said. "There are announcements coming left, right and center, and I think the important thing is being able to react to customer demand."Do you have a tip you want to share? Contact Grace Dean via email (gdean@insider.com). Always use a non-work email.

BMW's CFO said he's not worried about the threat of Apple's rumored electric vehicle. 'I sleep very peacefully,' he said.

Charles Platiau/ReutersMark Zuckerberg.<ul class="summary-list"><li>Facebook wanted to launch its own smartphone to rival Apple and Google, the details of which were reported in Steven Levy's new book, "Facebook: The Inside Story."</li><li>The project, which never came to fruition, was so secretive that Facebook even denied the project to fellow employees, says the book.</li><li>Levy quotes early Facebook employee Ezra Callahan saying it was "the first time I recall Facebook lying internally."</li><li>Facebook never made its own phone, but a few years after the project it collaborated with HTC to launch the HTC First phone, which was customized to include Facebook in the phone's software but was ultimately a flop.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Facebook's effort to launch a co-branded smartphone <a href="https://www.businessinsider.com/htc-first-and-facebook-home-review-2013-4">with HTC back in 2013</a> ultimately flopped, but its original vision was something much larger: a Facebook phone built entirely by the company from scratch.The project was so secretive that Facebook didn't even tell many of its own employees about the endeavor, according to Steven Levy's new book, "<a href="https://www.amazon.com/dp/B07V8CL7RH/ref=dp-kindle-redirect?_encoding=UTF8&amp;btkr=1">Facebook: The Inside Story," </a>which documents the social media giant's early years. In the book, Levy details how Facebook's plan to launch its own smartphone came to be, including the people within the company that were tasked with spearheading the project. The phone was nicknamed GFK for the Wu-Tang Clan member Ghost Face Killah, according to the book - a detail that <a href="https://www.theverge.com/facebook/2020/2/27/21154578/facebook-phone-gfk-yves-behar-steven-levy-inside-story-highlights">The Verge's Casey Newton</a> first pointed out. Leading the project was Chamath Palihapitiya, a prominent venture capitalist who worked at Facebook for four years from 2007 through 2011. To keep the project low-profile, Palihapitiya moved his team to an unmarked building that required a badge separate than that of Facebook's. If employees asked whether or not Facebook was working on a phone, the company would deny it to them, says Levy's book."It was the first time I recall Facebook lying internally," Ezra Callahan, <a href="https://www.businessinsider.com/first-20-facebook-employees-where-are-they-working-now-2017">one of Facebook's first 20 employees</a>, said to Levy.The phone itself, which never made it to market, was designed by high-profile designer Yves Béhar and included a special groove where the user could place his or her thumb while scrolling. Facebook had planned to work with Intel for the phone's processor, and a prototype was even built by Foxconn, the iPhone assembler. As far as we know, photos of that prototype have never emerged.Facebook had hoped to challenge Apple and Google's dominance of the smartphone market. Instead of launching its own phone, it ended up partnering with HTC to launch the HTC First in 2013, an Android smartphone that incorporated Facebook's Newsfeed into the home screen. The phone was ultimately deemed a flop; roughly a month after its release, AT&amp;T slashed the <a href="https://www.businessinsider.com/htcs-facebook-phone-is-clearly-a-flop-2013-5">device's price to just $0.99</a>, and a sequel was never made.Although Facebook's plans to become a third contender in the smartphone ecosystem race between Android and iOS, there's no doubt it conquered the mobile world in its own way. Facebook holds three of the top 10 free apps in Apple's App Store, and two on Google's Play Store, according to data form App Annie, thanks to the success of its own app and its acquisitions of Instagram and WhatsApp. <h3>NOW WATCH: <a href="https://www.businessinsider.com/samsung-unveils-new-galaxy-s20-phone-2020-2">Watch Samsung unveil the Samsung Galaxy S20</a></h3>

One of Facebook's first 20 employees says the company lied to its own employees about whether it was developing a 'Facebook phone'

<div class="KonaFilter image-container display-table"><div><div class="image on-image">AP Images / J. Scott ApplewhiteApple CEO Tim Cook.</div></div></div><ul class="summary-list"><li>The price of <a href="https://www.businessinsider.com/category/apple" target="_blank" rel="noopener">Apple's</a> <a href="https://www.businessinsider.com/category/iphones" target="_blank" rel="noopener">iPhones</a> could increase as a result of the Trump administration's 25% tariff on $200 billion of Chinese-made goods, according to analysts.</li><li>Apple's biggest iPhone supplier is located in China, but the company may be looking to move production to regions such as Vietnam and India.</li><li>The price hike would come as the smartphone industry grapples with slowing sales worldwide. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>The price of Apple's iPhone could climb even higher as a result of the ongoing trade discord between the United States and China, according to analysts at Morgan Stanley and Wedbush Securities.Apple's iPhone XS, the company's current flagship that starts at $999, could see a price hike of $160 because of the 25% tariff on $200 billion of Chinese goods proposed by President Trump, according to a team of analysts at Morgan Stanley led by Katy Huberty.That would be the case if Apple were to pass the additional cost on to consumers, which Morgan Stanley says would "dampen iPhone demand, and lead to further lengthening of the iPhone replacement cycle."If the company were to absorb the cost resulting from the tariff, which Morgan Stanley views as a more likely scenario, the firm estimates that Apple's earnings per share could decrease by roughly $3 in the fiscal year 2020.A report from Wedbush Securities authored by Daniel Ives and Strecker Backe also said that the cost of making iPhones could increase by between 2% and 3% as a result of this tariff. Apple shares were down nearly 6% on Monday.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Edgar Su/Reuters</div></div></div>"While many US companies are impacted by this latest trade tension, the 'poster child' for the US/China UFC battle continues to be Apple in the eye of the Street," says the note from Wedbush Securities.Apple largely relies on its Foxconn plant located in China for its iPhone production. But the company could be looking to shift its manufacturing to other areas, such as India and Vietnam. Foxconn reportedly started producing recent iPhone models in India last month as it gears up to start full-scale assembly near Chennai, according to <a href="https://www.bloomberg.com/news/articles/2019-04-15/foxconn-is-poised-to-begin-mass-production-of-iphones-in-india?utm_source=Triggermail&amp;utm_medium=email&amp;utm_campaign=Post%20Blast%20%28bii-apps-and-platforms%29:%20Apple%20invests%20in%20long-term%20India%20strategy%20to%20win%20local%20consumers%20%7C%20Google%27s%20expanding%20Pixel%27s%20addressable%20audience%20%7C%20KT%20launches%20world%27s%20first%20nationwide%205G%20services&amp;utm_term=BII%20List%20Mobile%20ALL">Bloomberg</a>, while <a href="https://www.reuters.com/article/us-foxconn-iphone-vietnam/apple-assembler-foxconn-considering-iphone-factory-in-vietnam-state-media-idUSKBN1O3128">Reuters</a> reported that Foxconn is planning to open a factory in Vietnam, citing local media reports. China represents a sizable market for the iPhone upgrades this year - according to Wedbush, there are roughly 60 to 70 million iPhones in the region that are due to be upgraded over the next 12 to 18 months. That would account for about 20% of all iPhone upgrades going into 2020, the report says.It would be a critical upgrade cycle for Apple is it struggles with slowing sales in the region. In its second quarter earnings report, the company recorded sales of $10.2 billion in the greater China region, which is down 22% from the same period one year ago. Read more: <a href="https://www.businessinsider.com/huawei-surpasses-apple-as-second-largest-smartphone-maker-2019-5" data-analytics-position="16">Huawei, the Chinese tech giant embroiled in controversy, just overtook Apple to become the second-largest smartphone maker</a>But CEO Tim Cook said that the holiday quarter appeared to be the low point when it comes to Apple's iPhone troubles in China. "We certainly feel a lot better than we did 90 days ago," he said on the earnings call. Wedbush maintains its outperform rating for Apple - despite the potential price hikes resulting from the tariff - and encourages investors to "stay the course." The firm attributed its bullish stance to Apple's services business, which the firm values at between $400 billion and $450 billion. The reports come just days after <a href="https://www.businessinsider.com/trump-china-trade-war-list-of-goods-tariffs-2018-9">President Trump increased tariffs</a> on $200 billion worth of Chinese-made goods to 25% from the previous 10% rate. The list of goods impacted includes a wide array of electronic devices, in addition to food items, chemicals, and other materials.Smartphone makers across the board continue to grapple with slumping sales as prices increase and consumers hold on to their smartphones for longer periods of time. Smartphone shipments worldwide declined by 6.6% year-over-year in the first quarter of 2019, according to the <a href="https://www.idc.com/getdoc.jsp?containerId=prUS45042319">International Data Corporation</a>, marking the sixth consecutive quarter of decline. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-to-secure-your-data-profiles-online-accounts-hacks-2019-5">9 simple ways to protect your data that don't take much time, but could have huge security benefits</a></h3> <div> </div> </div>

Wall Street is worried that the US-China trade war could drive up iPhone prices, which is the last thing Apple needs right now

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/Lucy NicholsonOliver Quiros, 3, competes dressed as an astronaut in a space shuttle in the Haunted Heats Halloween Surf Contest in Santa Monica, California,</div></div></div>Good morning! Here's what you need to know on Tuesday.<a href="http://uk.businessinsider.com/brexit-bank-of-england-governor-mark-carney-stays-2019-2016-10">Mark Carney, the governor of the Bank of England, has extended his stay until June 2019.</a> Carney had initially committed to a five-year term at the Old Lady of Threadneedle Street ending in the summer of 2018, but following Britain's decision to leave the European Union, Carney has extended his term a further year, allowing him to remain governor until the point when the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> should formally have left the EU.<a href="http://www.ft.com/cms/s/0/f5a643ae-9fe4-11e6-891e-abe238dee8e2.html#axzz4OeEEz7Wi">The Bank of Japan will not reach its 2% inflation goal before the end of governor Kuroda's term, it said on Tuesday.</a> In new economic forecasts, the BoJ said it now expected to hit its inflation target some time after April 2018, when Kuroda's five years at the top expires, the Financial Times reports.<a href="http://www.businessinsider.com.au/rba-interest-rate-decision-november-2016-11">RBA Holds. </a>The Reserve Bank of Australia (RBA) left interest rates unchanged at 1.5% at its November monetary policy meeting, a decision that was widely expected by financial markets and the vast majority of economists.<a href="http://www.wsj.com/articles/coeure-and-carstens-prime-candidates-to-head-bank-for-international-settlements-1477932966">ECB executive board member Benoît Coeuréand Bank of Mexico Governor </a><a href="http://www.wsj.com/articles/coeure-and-carstens-prime-candidates-to-head-bank-for-international-settlements-1477932966">Agustin Carstens are the favourites to become the new head of the Bank for International Settlements, often called the "central banks' central bank."</a> Current BIS General Manager Jaime Caruana is expected to step down in June 2017, the Wall Street Journal reports.<a href="http://www.businessinsider.com.au/china-manufacturing-pmi-october-2016-10">China's official manufacturing and non-manufacturing purchasing managers indices (PMI) for October both beat expectations. </a>The manufacturing PMI came in at 51.2, an increase of 0.8 points on September's 50.4 level. It easily accounted for the median economist forecast, which was looking for an unchanged reading. It marked the fastest expansion in activity levels since July 2014.<a href="http://www.businessinsider.com/r-oil-prices-rise-from-one-month-lows-after-opec-approves-strategy-2016-10?IR=T">Oil prices edged higher from one-month lows in early trading in Asia on Tuesday after OPEC agreed on a long-term strategy that was seen as an indication the cartel was reaching a consensus on managing production.</a> But the gains were limited as the market was weighed down by further indications of record output from the group, a sign the glut that has kept a lid on prices is not draining away as fast as the oil bulls would like.<a href="http://www.businessinsider.com/r-sharp-forecasts-first-annual-operating-profit-in-three-years-2016-11?IR=T">Japanese electronics firm Sharp forecast its first annual operating profit in three years on Tuesday after its new owner, Taiwan's Foxconn, cut jobs and sold off loss-making television factories in the North America to trim costs.</a> The company said it expects an operating profit of 25.7 billion yen ($245 million) for the year to end-March, recovering from a 162 billion yen loss the previous year.<a href="http://www.bloomberg.com/news/articles/2016-11-01/brexit-pushed-carnegie-investment-bank-to-sell-all-u-k-assets">Carnegie Investment Bank, which manages $17.2 billion for clients, sold all of their clients' U.K. holdings as opinion polls narrowed ahead of the June vote to exit from the European Union.</a>"We had equities and corporate bonds in Britain before the vote," chief strategist Henrik Drusebjerg said in a telephone interview with Bloomberg on Monday. "We started selling off our U.K. holdings to absolute zero maybe a month before the vote."<a href="http://uk.businessinsider.com/the-criminal-probe-into-valeants-former-ceo-begs-2-big-questions-2016-10">Former Valeant Pharmaceuticals CEO Michael Pearson is under a criminal investigation in connection to alleged fraud at the company he helmed.</a> The investigation is being helmed by US prosecutors in Manhattan and also includes former Valeant CFO Robert Schiller, according to a report from Bloomberg.<a href="http://uk.businessinsider.com/wpp-google-spend-5-billion-relationship-better-than-facebook-2016-10">WPP will spend at least $5 billion (£4.1 billion) of its clients money on Google ads this year</a>. The advertising agency holding company's CEO Sir Martin Sorrell made the announcement during its third-quarter earnings call on Monday. That figure is <a href="http://uk.businessinsider.com/wpp-google-and-facebook-spend-2015-2016-1">up from $4 billion (£3.2 billion) WPP spent on behalf of its client across Google's properties in 2015</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/ryan-blair-rock-bottom-rock-star-business-skills-learned-from-being-in-a-gang-2016-10">These are the business skills you learn from being in a gang</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xheXFzNjE6YraVZXLbXP1KkC2qrP4JKw" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "Foxconn International Holdings" and got 12 results

Foxconn buys 10% stake in MoMagic

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The billionaire founder of a key Apple supplier announced his Taiwan presidency run, saying Beijing can't threaten him because of his links with Apple, Tesla, Amazon, and Nvidia

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Vedanta cuts debt by $2 billion ahead of target to soothe investor concerns

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Facebook likely has your contact info — even if you never signed up for its services. Here's how to remove it.

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BMW's CFO said he's not worried about the threat of Apple's rumored electric vehicle. 'I sleep very peacefully,' he said.

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One of Facebook's first 20 employees says the company lied to its own employees about whether it was developing a 'Facebook phone'

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Wall Street is worried that the US-China trade war could drive up iPhone prices, which is the last thing Apple needs right now

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