Preparing for On-Demand Manufacturing
Most of the world knows Foxconn, a Taiwanese manufacturer officially named Hon Hai Precision Industry Co., as the manufacturer of the Apple iPhone, and while Apple still accounts for around half of its total revenue, Foxconn rakes in more revenue than all but three technology companies worldwide. One of its subsidiaries, Foxconn Industrial Internet (FII), generated US$56 billion in revenue. FII had its IPO on the Shanghai Stock Exchange on June 8, 2018, when its stock increased by 44%, making it the largest tech company in mainland China. FII raised more than US$4 billion to fund eight projects including smart manufacturing platforms, cloud service equipment, and 5G solutions, with an announced focus on Artificial Intelligence (AI). FII already has investments from the three top Chinese Internet companies: Baidu, Alibaba, and Tencent. In addition to Apple, FII already counts Amazon, Cisco, Dell, Huawei, and Lenovo as clients.
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