GoPro announced today it will be moving camera production out of China for cameras destined for the U.S. market.
In a press release shared this morning, GoPro stated that while its cameras bound for the international market will continue to be made in China, gear destined for the United States will be moved elsewhere by summer 2019, citing concern over the recent tariffs put in place as a part of the trade war that`s been brewing between the U.S. and China.
`Today`s geopolitical business environment requires agility, and we`re proactively addressing tariff concerns by moving most of our US-bound camera production out of China,` says Brian McGee, executive vice president and CFO of GoPro in the press release. `We believe this diversified approach to production can benefit our business regardless of tariff implications.`
McGee assured consumers and investors alike the move will have little impact on GoPro`s financials, saying `Itīs important to note that we own our own production equipment while our manufacturing partner provides the facilities, so we expect to make this move at a relatively low cost.`
As of writing this article at 10:10am on Monday, December 10th, 2018, GoPro is priced at $4.82 USD, down 2.82% on the day on the NASDAQ stock exchange.
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