Dixon Technologies

Sep 15, 2023

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El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Taiwan Bourse Taps Into New Crop of Tech Companies to Diversify Zero-Day Options Boom Is Spilling Into $7.4 Trillion ETF Market Crypto Seeks Lifeline in Asia as US Crackdown Spurs More Layoffs Fund Managers See Water Risk in Semiconductor Bets Being Mispriced Crypto Volatility Picks Up on Looming Sales From FTX’s $3.4 Billion Token Hoard Franklin Templeton Joins Race to Offer US Spot Bitcoin ETF ETF Traders Are Pouring Cash Into EM’s Non-China Growth Engines Fear of Stock Market Dive Creeps Back as Hedging Costs Climb Bitcoin ETFs With a $100 Billion Promise Put Old Funds in Danger Making the Case for Buying the Dip Nomura Crypto Chief Warns Market Rout May Delay Unit’s Profit Crypto Trading Volume Slumped to Lowest Level of the Year in August Winklevoss Claims Fuel US Investigation of Barry Silbert’s DCG Crypto Empire China Is Being Left Out by a Record Number of New EM Stock Funds Traders Unfazed as Soft-Landing Calls Stoke Bets on Market Calm Breach of Microsoft Engineer’s Account Likely Led to Hack of US Officials 21Shares and Cathie Wood’s ARK File for First US Spot-Ether ETF San Francisco Lost Its Chance to Be Blockchain Capital, Ripple’s Larsen Says Anti-ESG Fund Firm Hits $1 Billion Assets With Co-Founder Ramaswamy on Campaign Trail Playing for global basketball and sponsorship glory Awareness still at disadvantage in decades-long battle for tennis pay equity FanDuel, Rivalry deliver something new for betting customers Corporations considering Canadian cricket Difficult conversations regarding hockey's 'toxic masculinity' continue at summit Suspended Spanish soccer federation president Rubiales resigns after kiss scandal at World Cup MLB makes strides in attracting younger fans, ticket buyers in growing the game Pegula appoints himself Sabres president, dissolves parent company Royals unveil proposed ballpark, entertainment district plans for two locations NHL eyeing 2025 best-on-best tournament, set international play schedule Canadian clubs talk 'Messi effect' as superstar grabs headlines Sankalp Phartiyal, Bloomberg News A worker assembles smartphones at Dixon Technologies' Padget Electronics Pvt factory in Noida, Uttar Pradesh, India, on Thursday, Jan. 28, 2021. Dixon boasts a market value of more than $2.5 billion and the capacity to produce about 50 million smartphones this year. Photographer: Anindito Mukherjee/Bloomberg , Bloomberg (Bloomberg) -- Xiaomi Inc. supplier Dixon Technologies India Ltd. is set to open a massive new factory on the outskirts of New Delhi, as India pushes Chinese tech firms to use local assembly partners. Dixon will invest more than 4 billion rupees ($48.2 million) over three years in the factory, which is spread over more than 300,000 square feet or the size of six football fields and will largely produce Xiaomi smartphones, people familiar with the matter said, declining to be named as the matter is private. The plant is set to be inaugurated by a government official toward the end of this month. Beijing-based Xiaomi has been compelled to partner with Dixon for smartphone assembly because India is pressing Chinese companies to localize everything from manufacturing to distribution of devices. That means Xiaomi’s older suppliers in India — Taiwanese Foxconn Technology Group’s Bharat FIH and China’s DBG Technology Co. — are set to lose business. Xiaomi and Dixon representatives didn’t respond to requests for comment. In a similar move earlier this year, Xiaomi handed a contract to India’s Optiemus Electronics Ltd. to make its Bluetooth neckband earphones, a product it previously imported from China. Xiaomi was once an unrivaled leader in India’s smartphone market, but lost steam after facing heightened regulatory scrutiny and overexpanding its product portfolio — which by its own admission confused customers. India, the world’s second-biggest smartphone market, is a hotly contested region for the world’s largest phone brands, with manufacturers such as Apple Inc. competing to boost sales in the world’s most populous country. Xiaomi is betting on a gradual recovery, as it looks to offer affordable locally made 5G smartphones. The Xiaomi partnership is another boost for the homegrown Dixon, which is among the companies vying to become India’s response to Foxconn — Apple’s Taiwanese supplier most famous as the key maker of iPhones. Founder Sunil Vachani, a suave dresser who often sports smart jackets or formal suits, started Dixon with borrowed money in a rented shed outside of New Delhi three decades ago. Today, Dixon is a rapidly expanding electronics company that makes products including smartphones, washing machines and television sets for brands such as Motorola and Samsung. ©2023 Bloomberg L.P.