Yep. GoPro fears tariff bite, and so plans to move US-bound camera production out of China
SAN MATEO, Calif. – GoPro, Inc. (NASDAQ: GPRO) today announced that it plans to move most of its US-bound camera production out of China by the summer of 2019 to mitigate the potential impact of inclusion on any new tariff lists. International-bound camera production will remain in China. (Meet Lyda, Zennie62Media’s Official Music Artist at CES Las Vegas 2019.)
But What’s GoPro?
GoPro helps the world celebrate and share itself in immersive and exciting ways. It started with this camera that had a giant fisheye lens to produce views never before seen in online video. For more information, visit www.gopro.com. GoPro users can submit their photos, raw clips and video edits to GoPro Awards for social stoke, GoPro gear and cash prizes. Learn more at www.gopro.com/awards.
“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,” said Brian McGee, Executive Vice President and CFO of GoPro. “We believe this diversified approach to production can benefit our business regardless of tariff implications.”
McGee added, “It’s 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.”
GoPro will be showcasing its HERO7 line of cameras, including the best-selling $399 HERO7 Black camera, at CES in Las Vegas from January 8 – 11, 2019.