FoxConn Technology, one of the world’s biggest manufacturing companies, is planning to dismiss 100,000 workers in China and other parts of the world. Last year, it already fired 30,000 workers in its Zhengzhou factory.
Foxconn is one of the biggest contract producers of Iphones for Apple. Due to stiff competition, Apple announced that sales in China fell for the first time in two decades last year. More than 20% of its sales is in China.
More than half of Foxconn’s profits come from producing IPhones. Due to Apple’s weak sales, Foxconn’s plans to put up big factories in Brazil, the Maharashtra in India and Pennsylvania and Wisconsin in US did not materialize.