Foxconn facts for kids

Quick facts for kids
Hon Hai Precision Industry Co. Ltd.

Trade name	Hon Hai Technology Group (鴻海科技集團) Foxconn (富士康)
Native name	鴻海精密工業股份有限公司
Type	Public
Industry	Electronics
Founded	20 February 1974; 51 years ago (1974-02-20) (as Hon Hai Precision Industry Co., Ltd.)
Founder	Terry Gou
Headquarters	Tucheng District, New Taipei, Taiwan
Area served	Worldwide
Key people	Young Liu (chairman and president)
Products	Electronics Electronic components PCBs Integrated circuits
Services	Electronics manufacturing services
Revenue	NT$ 6.626 trillion (2022) ~US$213.90 billion
Operating income	NT$ 173.78 billion (2022) ~US$5.61 billion
Net income	NT$ 141.48 billion (2022) ~US$4.57 billion
Total assets	NT$ 4.133 trillion (2022) ~US$133.42 billion
Total equity	NT$ 1.650 trillion (2022) ~US$53.27 billion
Number of employees	767,062 (2022) (Taiwan employee data only)
Subsidiaries	Fii Foxconn Industrial Internet FIT Foxconn Interconnect Technology FIH Mobile ShunSin Healthconn CircuTech Asia Pacific Telecom Sharp Corporation Smart Technologies Belkin

Hon Hai Precision Industry Co., Ltd., trading as Hon Hai Technology Group in China and Taiwan and Foxconn internationally, is a Taiwanese multinational electronics contract manufacturer established in 1974 with headquarters in Tucheng, New Taipei City, Taiwan. In 2021, the company's annual revenue reached 6,830,000,000,000 New Taiwan dollars (US$214 billion) and was ranked 20th in the 2023 Fortune Global 500. It is the world's largest contract manufacturer of electronics. While headquartered in Taiwan, the company earns the majority of its revenue from assets in China and is one of the largest employers worldwide. Terry Gou is the company founder and former chairman.

Foxconn manufactures electronic products for major American, Canadian, Chinese, Finnish, and Japanese companies. Notable products manufactured by Foxconn include the BlackBerry, iPad, iPhone, iPod, Kindle, all Nintendo gaming systems since the GameCube, Nintendo DS models, Sega models, Nokia devices, Cisco products, Sony devices (including most PlayStation gaming consoles), Google Pixel devices, Xiaomi devices, every successor to Microsoft's Xbox console, and several CPU sockets, including the TR4 CPU socket on some motherboards. As of 2012, Foxconn factories manufactured an estimated 40% of all consumer electronics sold worldwide.

Foxconn named Young Liu its new chairman after the retirement of founder Terry Gou, effective on 1 July 2019. Young Liu was the special assistant to former chairman Terry Gou and the head of business group S (semiconductor). Analysts said the handover signals the company's future direction, underscoring the importance of semiconductors, together with technologies like artificial intelligence, robotics, and autonomous driving, after Foxconn's traditional major business of smartphone assembly has matured.

United States

Foxconn announced on 26 July 2017 that it would build a $10 billion TV manufacturing plant in southeastern Wisconsin and would initially employ 3,000 workers (set to increase to 13,000). As part of the agreement, Foxconn was set to receive subsidies ranging from $3 billion to $4.8 billion (paid in increments if Foxconn met certain targets), which would be by far the largest subsidy ever given to a foreign firm in U.S. history. Some estimate that Foxconn is expected to contribute $51.5 billion to Wisconsin's GDP over the next 15 years, which is $3.4 billion annually. However, numerous economists have also expressed skepticism that the benefits would exceed the costs of the deal. Others have noted that Foxconn has made similar claims about job creation in the past which did not come to fruition.

Foxconn was also exempted by Governor Scott Walker from filing an environmental impact statement, prompting criticism from environmentalists. The plant was estimated to contribute significantly to air pollution in the region. Environmentalists criticised the decision to allow Foxconn to draw 26,000 cubic metres (7×10^⁶ US gal) of water per day from Lake Michigan. Given water concerns, Foxconn is spending $30 million on zero liquid discharge technology. Foxconn is also required to replace wetlands at a higher ratio than other companies; Foxconn must restore 2 acres of wetland for every 1 acre disturbed instead of the ratio of 1.2 to 1 for other companies.

As of 4 October 2017, Foxconn agreed to locate their plant in Mount Pleasant, Wisconsin, and broke ground for the plant 28 June 2018. President Trump was in attendance to promote American manufacturing.

In January 2019, Foxconn said it was reconsidering its initial plans to manufacture LCD screens at the Wisconsin plant, citing high labour costs in the United States.

Under a new agreement announced in April 2021, Foxconn will reduce its planned investment to $672 million with 1,454 new jobs. Tax credits available to the project were reduced to $8 million.

In October 2021, Lordstown Motors announced a $250 million deal to sell a former GM plant to Foxconn, which would become a contract assembler for the company's Endurance pickup truck. The deal was completed in May 2022 for a final price of $230 million. It was announced Foxconn would also invest $50 million into the company through a purchase of common stock.

Major customers

The following list consists of Foxconn's present or past major customers. The list is provided in alphabetical order.

Their country of origin or base of operations is in parentheses.

North America

Asia

Images for kids

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  Foxconn connector box tag in 2014

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  One of the production floors in Foxconn factory at Shenzhen

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  Foxconn Technology Malaysia factory at Kulai, Malaysia

See also

In Spanish: Foxconn para niños