Foxconn is closing factories in China as iPhone production moves elsewhere, and impacts beyond industry have been made crystal clear in a new video.
Apple has long operated its production in China, but in recent years it has been shifting away. Production in India and Vietnam is growing, with fewer products being shipped out of China.
In a China Observer report released on Monday, footage of a Foxconn industrial park in Nanning is shown to be deserted. Once employing 50,000 people, it's now practically an empty shell. AppleInsider has learned that as Apple's operations have moved elsewhere, manufacturing capacity was freed elsewhere in China, leading to this plant's closure.
A local man told the report the plant required massive resources to go with its 50,000 employees. This included 60 tons of rice per day, as well as 280 pigs, 1.2 million eggs, and 80,000 chickens.
WBT Price at posting:
$3.14 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)