Foxconn: "We are not producing iPhone"

During a meeting with the shareholders the company said that it is planning to invest $1 billion to double capacity by expanding in China and India. According to Reuters, Chief Executive Samuel Chin told the investors that the company was not making iPhones for Apple. The Chinese-language Commercial Times reported in January this year that Foxconn would become the main supplier of the Apple handset. This has sent Foxconn shares on a 5 % surge, AppleInsider reports. According to AppleInsider, the company also said that it is building a plant in China to ramp up its capacity in addition to factories in Shenzhen and Beijing. For expansion in 2007-2008 the $1 billion budgeted would go towards that plant, as well as two new factories in India and elsewhere.