Here’s why iPhone maker Foxconn is now chasing satellites and EVs

You can make a pretty good living supplying more than two-thirds of the world’s most-famous consumer gadget. Except when demand for that high-priced smartphone starts to wane and you’re left looking for the next big thing. With the boom times gone, the world’s largest consumer-electronics manufacturer has little choice but to make new bets.

Foxconn Technology Group’s second-straight slide in sales lays bare the folly of the Taipei-based manufacturer relying on Apple Inc. for more than half its business just as the iPhone designer is experiencing its largest slowdown in 22 years.