Foxconn Electronics (Hon Hai Precision Industry) has reported a revenue surge of 83.2% sequentially and 40.4% on year to a record high of NT$822.32 billion (US$25.9 billion) in September 2022.

With automotive chip shortages gradually abating, Chinese automakers reportedly have asked suppliers to cut prices by 15-20% on those chips not in short supply, looking to reduce production costs, according to industry sources. This is a sharp contrast to practices by mainstream automakers in Europe, the US, Japan, and Korea. They usually adopt flexible negotiations with suppliers in seeking price cuts on those chips and components having been rising in quotes several times during tight supply, so as to maintain long-term partnerships, the sources said.

The updated US EV incentives program has worried foreign automakers like Hyundai Motor because it requires their vehicles to be assembled in North America in order to be eligible for tax credits. To address carmakers’ concerns, US senator Raphael Warnock recently introduced a bill aiming to delay the requirements.