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HP’s February 2025 forecast was that more than 90% of its products sold in North America would be built outside China by the end of fiscal 2025. HP CEO Enrique Lores described that deadline as the end of October. In May, HP said it had accelerated the target: it expected nearly all such products to be made outside China by the end of June 2025. Neither statement, on its own, confirms what HP ultimately achieved.
What HP announced—and what changed
On February 27, 2025, HP said it expected more than 90% of products it sold in North America to be built outside China by the end of its fiscal year. HP’s fiscal Q1 results release supports the original forecast and places it in the context of the company’s supply-chain plans and tariff outlook.
The October date came from Lores’s explanation of the fiscal-year deadline. CRN reported that he expected less than 10% of products coming to North America to come from China by fiscal year-end, which it described as the end of October. This was a forward-looking target, not a report that HP had already moved that share of production.
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HP’s two targets
| Statement | Timing | Scope and status |
|---|---|---|
| More than 90% built outside China | End of fiscal 2025, described by Lores as the end of October | Forecast for HP products sold in North America; not a confirmed result. HP Q1 release and CRN. |
| Nearly all made outside China | End of June 2025 | Revised forecast for HP products sold in North America; not a confirmed result. CRN. |
HP accelerated the schedule in May
In May 2025, Lores said HP had pulled its plans ahead by six months. Instead of the earlier fiscal-year-end target, the company expected nearly all products sold in North America to be made outside China by the end of June. The updated wording was more ambitious than the February forecast, but remained a target.
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CRN reported that HP had expanded manufacturing in Vietnam, Thailand, Mexico, India and the United States. Lores characterized the U.S. expansion as relatively small and focused mostly on federal customers; he said it extended from desktops into notebooks. These locations describe HP’s reported manufacturing expansion, not a complete map of where every North American product is made.
Why tariffs and inventory were part of the story
HP connected its supply-chain plans with mitigation of increased U.S. tariffs on China. During the Q1 period, CFO Karen Parkhill said HP deliberately produced more inventory and made strategic buys. She said the inventory’s payment and sale would continue to affect the cash conversion cycle in the following quarter. That describes a financial and operational measure taken alongside the sourcing plans; it does not establish the final manufacturing mix.
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Did HP meet either target?
The targets should not be presented as completed outcomes based on the cited announcements. HP’s official FY2025 full-year and Q4 results release reports year-end financial results but does not state the share of North America-bound products built outside China. The final percentage is therefore unconfirmed in the sources cited here.
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