Foxconn to spend $138 million building new corporate headquarters in China

Foxconn, the world’s largest contract electronics maker and Apple’s primary iPhone assembler, revealed that it will invest 1 billion yuan in the construction of a new corporate headquarters in Zhengzhou, China.

The largest contract electronics manufacturer in the world and Apple’s main iPhone assembler, Foxconn, based in Taiwan, announced on Wednesday that it will invest 1 billion yuan ($137.5 million) in building a new corporate headquarters in Zhengzhou, China. For the proposed project, which will have a construction area of over 700 acres (283 hectares), Foxconn, formerly known as Hon Hai Precision Industry Co. Ltd. (2317.TW) inked a contract with the Henan province government, the company said.

The significant demand for servers for AI applications, which includes Nvidia (NVDA.O.), the semiconductor industry darling, is helping Foxconn. This month, the Taiwanese company reported quarterly revenue on demand for AI servers that was higher than anticipated, and it predicted a further increase in the current quarter. Foxconn stated in April that it will prioritize core technology research and new technology development for its new corporate headquarters in the Henan province; however, it did not specify how much money it would be investing at the time.

In 2022, a COVID-19 outbreak struck Zhengzhou, the site of the largest iPhone manufacturing facility in the world, resulting in employee departures, agitation, and production problems.

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