GoPro to pull production of US bound products out of China in 2019
GoPro is part a wave of tech companies that are having to shapeshift their manufacturing to deal with the trade dispute between the U.S and China.
In a First on FOX Business interview with Liz Claman, GoPro CEO Nick Woodman said President Trump’s tariff concerns were the catalyst for moving its production out of China.
“In the first half of this year in 2019, we are going to be moving our U.S. bound production of cameras outside of China,” Woodman said from the Consumer Electronics Show (CES) in Las Vegas Wednesday. “All U.S. bound production will be out of China.”
GoPro, which has sold 30 million plus of their action cameras, will continue to produce its product that are for non U.S. markets in China.
“As we looked into our options, we recognized that is actually smart business for us to move a percentage of our business outside of China,” Woodman.
The San Mateo, California-based company has yet to announce where it will move its US-bound production. Woodman, founder of the publicly-traded company, said part of his job as CEO is to field potential buyout offers and maximize return for its shareholders.
“That’s not something we spend our day thinking about. We’re really focus on restoring GoPro to full-year probability which we are targeting for 2019,” he said on “Countdown to the Closing Bell.”
When asked if the GoPro CEO has spoken to any investment bankers, Woodman said, “no comment.”
GoPro is showcasing its flagship HERO7 Black camera at CES 2019, returning to the action camera company’s original business model Woodman said shaped the brand.
CLICK HERE TO GET THE FOX BUSINESS APP
“We really nailed it with the HERO7 line,” Woodman said. “Our engineers were able to develop the best video stabilization in camera in the history of cameras.”