Is Foxconn Fleeing China? Sure Looks Like It.
Foxconn Technology Group sent Apple Inc. stock reeling on Wednesday. Shares plunged 2.4% on reports that the world’s largest contract manufacturer of electronics—and Apple’s largest assembler—had imposed at its Chinese plants a hiring freeze lasting until at least the end of next month. The Financial Times attributed the unusual move to slowing production of the iPhone 5.
Foxconn Technology Group sent Apple Inc. stock reeling on Wednesday. Shares plunged 2.4% on reports that the world’s largest contract manufacturer of electronics—and Apple’s largest assembler—had imposed at its Chinese plants a hiring freeze lasting until at least the end of next month. The Financial Times attributed the unusual move to slowing production of the iPhone 5.