Hon Hai Technology Group (鴻海科技集團), also known as Foxconn Technology Group (富士康科技集團) internationally, yesterday said it was confident that its performance would improve in the second half of this year.
Investment plans related to electric vehicles (EVs) in different parts of the world are expected to gradually start coming to fruition, Hon Hai chairman Young Liu (劉揚偉) told reporters after leading a new year’s prayer at the company’s headquarters in New Taipei City’s Tucheng District (土城).
Major challenges stemming from the COVID-19 pandemic and the Russia-Ukraine war continue to affect the global economy.
Photo: Fang Wei-chieh, Taipei Times
However, Liu said that he expects a turnaround in the second half of the year, despite lackluster predictions for the first and second quarters.
He said he would probably visit Hon Hai clients in the US next month or in April, and plans to visit Hon Hai’s EV plant in Ohio, which is the product of a manufacturing agreement between the world’s largest electronics manufacturer and US-based Lordstown Motors Corp in May last year.
Liu is likely to announce new investment plans in the Wisconn Valley Science and Technology Park in Wisconsin during the visit, he said.
A trip to Mexico is also possible, as Hon Hai plans to launch new investments there, in addition to PCE Technology de Juarez SA de CV, in which the company has a 84.5 percent controlling stake, Liu said.
PCE Technology assembles consumer electronics, and market analysts have speculated that Hon Hai aims to boost its consumer home appliance processing business outside China, due to the US-China trade dispute and the effects of COVID-19, which have forced firms to re-examine global supply chains.
The company is also working on an EV components investment project in Europe and plans to launch new EV models on Hon Hai Tech Day later this year, Liu said.
Japanese automobile industry veteran Jun Seki yesterday took over the role of Hon Hai’s chief strategy officer for EV operations.
Seki’s management experience in the Japanese auto industry and global EV supply chains would help the group better integrate EV resources and development in Taiwan, Liu said.
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