adas/av, vehicle, 2022, adas, electric vehicle, foxconn, hon hai, lordstown motors, sales, foxconn electronics (hon hai precision industry)

Hon Hai Precision Technology (Foxconn) has reiterated a flat revenue growth outlook for both the second quarter of 2022 and the full year, while order visibility has also strengthened compared to March.

Speaking about the prospects for second-quarter 2022, Foxconn chairman Young-Way Liu said the entire supply chain has been affected by the pandemic to varying degrees, but Foxconn has been able to minimize the impacts thanks to nearly 50 years of management experience and a strong supply chain. Although a portion of its production has been impacted, its main production has maintained normal operations. As a result, second-quarter performance is expected to remain flat.

In terms of individual products, Liu noted demand for cloud products, especially servers, is very strong, driven by the strong growth of its major cloud service provider (CSP) customers. Both on-quarter and on-year growth are expected to see solid growth. Prospects for cloud products are the most promising in 2022.

Looking at 2022 overall, Liu believes that although supply and demand are currently up against several challenges (such as geopolitical issues, the pandemic, and inflation), visibility for Foxconn’s four main products is slightly up from March, but the overall outlook remains relatively flat.

Foxconn’s gross margin in the first half of 2022 will be better than the same period in 2021, Liu said. He is also confident that overall performance in 2022 will outperform that of 2021.

Regarding the development progress of Foxconn’s “3+3” strategy, Liu said the company has already signed three agreements for asset purchasing, outsourced manufacturing, and joint venture development with US-based electric pickup truck maker Lordstown Motors. Lordstown is expected to begin producing electric pickups and supply components at its Ohio factory in the third quarter. Both parties will also develop new future models based on the MIH platform.

Liu also revealed that related orders from startup electric vehicle (EV) maker Fisker will enter SOP in 2024, becoming the main vehicle model produced at the Ohio plant.

Liu emphasized that semiconductors are an important link in extending the vertical integration strategy in the EV industry. Foxconn will build a comprehensive silicon carbide (SiC) ecosystem, from upstream design, wafer manufacturing, and power modules to downstream applications through partnerships and its own in-house production capacity.

Liu also touched up LiDAR, another important development in the automotive field and a key component for autonomous driving. Foxconn is expected to showcase a comprehensive integrated advanced driver assistance system (ADAS) and software application solution at this year’s Hon Hai Tech Day 2022. This type of LiDAR is not only superior to standard LiDAR, it is also cost-competitive. Customers are already discussing its application possibilities.

Foxconn’s first-quarter 2022 revenue reached NT$1.4 trillion (US$46.9 billion) for an on-year increase of 4%. Gross profit amounted to NT$84.8 billion for an on-year increase of 8%. Net operating profit reached NT$36.7 billion for an on-year increase of 33%, while gross margin amounted to 6.02%.

TECH NEWS RELATED

Fashion retailer High Street Essentials raises Rs 40 crore in funding from Stride Ventures

ETtech Illustration: Rahul Awasthi Bengaluru: Delhi-based fashion retailer High Street Essentials, which owns women’s fashion brands, FabAlley and Indya has raised Rs 40 crore in a combination of equity and debt from venture debt firm Stride Ventures.With the latest funding, the fashion house through Indya is foraying into the premium ...

View more: Fashion retailer High Street Essentials raises Rs 40 crore in funding from Stride Ventures

Apple's Long-Awaited AR/VR Headset is Almost Complete

On May 9, Apple demonstrated its upcoming AR/VR headset to its board members, indicating that the device is in an advanced stage of development and could see a launch in the near future. Apple has also ramped up the development of the software that runs on the device, with ...

View more: Apple's Long-Awaited AR/VR Headset is Almost Complete

1 killed, 9 injured in S-Oil refinery explosion

ULSAN/SEOUL, May 20 (Yonhap) — One person has been killed and nine others injured in an explosion at a refinery run by South Korean oil refiner S-Oil Corp. in the country’s southwest, firefighters said Friday. The deceased was a subcontractor who was among the 10 others doing repair work at ...

View more: 1 killed, 9 injured in S-Oil refinery explosion

Controlling stake in Arm China may shift to little-known entity as chip joint venture’s ownership saga drags on

Arm China, which has just ended a boardroom bust-up by ousting its former chairman, may end up in the hands of an entity that has little or no public profile, adding a layer of mystery to the British chip design firm’s joint venture. In a press release distributed to ...

View more: Controlling stake in Arm China may shift to little-known entity as chip joint venture’s ownership saga drags on

You can silence a Family’s Member iPhone Alarm with your own iPhone

Are you living in a family household, where everyone has a smartphone belonging to Apple’s iPhone ecosystem? This may not be common in some markets. However, it’s pretty much the standard in places where iPhones take the lead in the segment. In special, we have the US, Apple’s stronghold. If ...

View more: You can silence a Family’s Member iPhone Alarm with your own iPhone

Kia and Rafa Nadal launch ‘Kia Clubhouse’ initiative to inspire next generation of tennis fans

Global tennis experience aimed at making tennis more accessible Launch event in Paris gives local children skills and equipment to empower a lifelong love for the game Kia ambassador Rafa Nadal makes surprise appearance to inspire children The initiative will tour major cities around the world ahead of upcoming ...

View more: Kia and Rafa Nadal launch ‘Kia Clubhouse’ initiative to inspire next generation of tennis fans

Canada to ban Huawei and ZTE and tell telcos to rip out 5G and 4G equipment

While taking longer to ban Huawei and ZTE than some of the Five Eyes, Canada has also gone further by requiring telcos to rip out LTE equipment from the vendors by the start of 2028.

View more: Canada to ban Huawei and ZTE and tell telcos to rip out 5G and 4G equipment

Conti ransomware shuts down operation, rebrands into smaller units

The notorious Conti ransomware gang has officially shut down their operation, with infrastructure taken offline and team leaders told that the brand is no more. This news comes from Advanced Intel’s Yelisey Boguslavskiy, who tweeted this afternoon that the gang’s internal infrastructure was turned off. Boguslavskiy told BleepingComputer that ...

View more: Conti ransomware shuts down operation, rebrands into smaller units

Mastercard will soon allow you to pay with a smile

Viral TikTok shows a new iPhone trick that Instagram fans will love

Thai, Japanese animation rooted in nationalism

New emergency warning over two new VMware vulnerabilities

Java concurrency could be about to get easier

Cisco problems: $15B backlog, China COVID worries, impact of war in Ukraine

Netgear fixes bad Orbi firmware update that locked admin console

Galaxy M13 5G support page goes live in the UK

Guitar that broke up Oasis sells for B14mn

It's gonna be all right, Taylor Swift tells NYU graduates

Why you should be using secure DNS on your Chromebook

Mihails Safro, Xpate Founder and CEO: The UX-Led Approach will Put your Business in The Top Tier Category

OTHER TECH NEWS

Top Car News Car News