Production to increase in Mexico, Samsung invests $500 mln

According to Mexican Foreign Minister Marcelo Ebrard, Samsung Electronics would invest $500 million in Mexico to boost domestic appliance manufacture.

Ebrard stated on Twitter that the investment will be made in Queretaro, a city in central Mexico, and Tijuana, a city on the northern border. He claimed to have spoken with Han Jong-Hee, the organization’s CEO.

With a 15% year-over-year increase, Samsung Electronics Co. Ltd. is expected to have its greatest April–June profit since 2018, offsetting decreased sales to smartphone manufacturers who are struggling with inflation thanks to persistent demand from server customers for its memory chips.

According to a Refinitiv SmartEstimate from 24 analysts, operating profit for the world’s largest manufacturer of smartphones and memory chips increased to 14.46 trillion won ($11.2 billion) in the quarter from 12.57 trillion won a year earlier.

An average of seven estimations indicates that its chip earnings likely increased by 49% to 10.3 trillion won. About half of the revenues made by the South Korean computer behemoth come from its semiconductor division.

According to analyst Park Sung-soon at CAPE Investment & Securities, U.S. data center companies including Amazon, Microsoft, Alphabet’s Google, and Meta are anticipated to keep purchasing “to accommodate rising demand for cloud services.”

In comparison to 2018, these firms’ chip stockpiles are not that big, Park continued.

Latest articles

Global EV, hybrid vehicles sales to reach new record in 2024

Despite some markets experiencing slowed growth, global sales of electric and plug-in hybrid vehicles are projected to reach a new record high in 2024....

Malaysia: Navy helicopters collide mid-air, all 10 onboard killed

During a practice session for an upcoming parade, a tragic accident occurred involving two Malaysian navy helicopters which collided mid-air, resulting in the deaths...

Climate change will affect children in future: US court

Medina's active role in defending his community's climate and livelihood emphasizes the intersection of human rights and environmental protection. His involvement in the upcoming...

UK: Rishi Sunak finally passes Rwanda bill despite controversies

After an eventful two-year period marked by the tenure of three different prime ministers, four or five changes in the position of home secretary,...

Related articles