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Foxconn (or Hon Hai Technology Group) is a Taiwanese multinational electronics contract manufacturer with its headquarters in Tucheng, New Taipei City, Taiwan, established in 1974. In 2021, the Group's annual revenue reached NT$5.99 trillion and was ranked 22nd in the 2021 Fortune Global 500. It is now the world’s largest technology manufacturer and service provider of electronic products for major American, Canadian, Chinese, Finnish, and Japanese companies. As of 2012, Foxconn factories manufactured an estimated 40% of all consumer electronics sold worldwide.
Foxconn was founded by Terry Gou in 1974 as Hon Hai Precision Industry Co. Ltd. Initially the company primarily dealt with supplying electrical components to manufacturers. The first Foxconn factory in mainland China opened in 1988 in the town of Longhua, which is located in Shenzhen.
Foxconn has grown by displacing rivals from long-tail foundry manufacturing contracts and holding on firmly to customers it has won through its high-quality but low-cost products. In 2001, Foxconn displaced Asus in a contract that involved producing motherboards for Intel. Foxconn used to be Apple’s primary contract manufacturer until the iPhone maker recently widened its outsourcing to reduce overreliance on Foxconn.
Foxconn recently finalised the deal to acquire Japanese LCD manufacturer Sharp, a move that is likely to pave the way for the company to expand into the consumer market. The acquisition of Sharp is part of Foxconn’s diversification efforts. In another diversification-oriented investment, Foxconn acquired Asia Pacific Telecom in 2014. Foxconn has plants in Asia, Europe, and South America. However, China has the highest concentration of Foxconn factories: 12 in all as per the last count.
Foxconn aims to enhance in a monopoly over the electronics industry through continued research and application of scientific and engineering developments.
Foxconn's vision is to uphold the research and development of emerging technologies, the acquisition and application of new knowledge, and the protection of intellectual property in pursuit of technological and scientific breakthroughs.
