Hon Hai chief targets improved performance in second half of 2023

Hon Hai Technology Group (Foxconn) Chairman Liu Young-way (劉揚偉) on Wednesday voiced confidence that the company’s performance will improve in the second half of 2023, revealing that the group’s electric vehicle (EV)-related investment plans in various parts of the world are expected to gradually start coming to fruition.

 

Although major challenges stemming from COVID-19 and the Russia-Ukraine war continue to impact the global economy, Liu said that he expects a turnaround in the second half of the year despite widespread lackluster predictions for the first and second quarters.

 

Speaking about his 2023 overseas itinerary, Liu said he will probably visit Hon Hai clients in the United States in March or April.

 

Liu said he would also visit Hon Hai’s EV plant in Ohio after the world’s largest electronics manufacturer and U.S.-based Lordstown Motors Corp. inked a contract manufacturing agreement in May last year.

 

According to the Hon Hai chairman, he is also likely to announce new investment plans in Wisconn Valley Science and Technology Park in Wisconsin during the visit.

 

Liu said a trip to Mexico is also possible as Hon Hai plans to launch new investments there, in addition to PCE Technology de Juarez S.A. de C.V. near the border with the U.S., in which the company has a 84.5 percent controlling stake.

 

PCE is active in consumer electronics assembly, and market analysts have speculated that the aim of the deal is to boost Hon Hai’s consumer home appliance processing business outside China due to the lingering U.S.-China trade war and the impact of COVID-19 which have forced firms to reexamine global supply chains.

 

Meanwhile, the company is working on an investment project on EV components in Europe and has plans to launch new EV models on Hon Hai Tech Day later this year, Liu said.

 

Addressing the recruitment of Japanese automobile industry veteran Jun Seki as the group’s chief strategy officer for EV, Liu said he believes that Seki’s management experience in the Japanese auto industry and global EV supply chains will help the group better integrate EV resources and development in Taiwan.

 

 

Source: Focus Taiwan News Channel