Taiwan’s Hon Hai Technology Group, commonly known as Foxconn, posted on Wednesday record-high revenues and net profits both in Q2 and H1 this year, Kallanish reports.

The electronic manufacturing giant generated revenues of TWD 1.51 trillion ($50.33 billion) in the April-June quarter, up 12% year-on-year; and net profit of TWD 33.29 billion. During the first half of the year, revenues increased 8% y-o-y to TWD 2.9 trillion and net profit rose to a record TWD 62.74 billion.  

Chairman Young Liu attributes the strong results to the group’s “resilience,” reflecting a better product portfolio and customer structure, despite slowing demand and supply chain disruptions.

He expects the full-year performance to be better than previously anticipated, with the outlook now seen as “growing” instead of “roughly flat.” However, Liu notes geopolitics, inflationary pressure and the Covid pandemic calls for caution.  

On the automotive front, Foxconn has commenced production of electric pickups at its Ohio facility, purchased from Lordstown in May. It has signed its first manufacturing contract to produce all-electric tractors for Monarch Tractors (see related story).

The company says it plans to deliver samples of its lithium iron-phosphate (LFP) cells for electric buses in Q3 and start mass production in 2024. For automotive semiconductors, Foxconn has partnered with global leader NXP to develop next-generation automotive subsystems and solutions. It has also invested in TAISEC Material Corp to strengthen the silicon carbide upstream supply chain and its long-term competitive advantage in automotive semiconductors.

To enhance its EV ecosystem and expand its B2B opportunities, the manufacturer is also setting up a passenger car R&D centre in Detroit, Michigan.