Taiwanese tycoon confirms Foxconn's semiconductor ambitions

"Industrial IoT will become a core focus for Foxconn," said Terry Gou.  

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TAIPEI (Taiwan News) - Terry Gou, chairman of Hon Hai Precision (trading as Foxconn), confirmed in a speech at China's Tsinghua University on Wednesday that the company is building up a semiconductors team responsible for chip design and manufacturing to address massive demand for chips to be used in the company's development of the industrial Internet of Things (IoT).

The company is said to be shaking the Apple shackles as merely a contract manufacturer, and is dedicated to transformation. 

The outspoken Taiwanese tycoon said on May 16 that the group is delving into the industrial IoT and is working on its own chips for the ambition. The company is said to have procured up to US$40 billion worth of chips a year. 

"Industrial IoT will become a core focus for Foxconn," said Gou.  

Gou also mentioned the company's investment and initiative in blockchain, which he believes can provide technical support for its development of a blockchain-based supply chain finance. 

HCM Capital, the venture arm of Foxconn, has invested in blockchain startups since early 2016, and its recent investment in Cambridge Blockchain software is believed to improve IoT device management and global supply chain operations. 

Separately, in the speech, Gou envisioned a future factory, which will require more skilled workers who know various programming languages, and the company is now offering on-the-job training for employees to upgrade their skill sets.