The contract manufacturer has thrived amid the pandemic, in line with its biggest customer. Now it wants to diversify

BusinessApr 3rd 2021 edition

HON HAI PRECISION INDUSTRY is as obscure as its main client is famous. On March 30th the firm, also known as Foxconn, reported record sales of $182bn in 2020, thanks to demand for the Apple gadgets it assembles. Its market value has doubled in a year, to $63bn. It is now eyeing smartphones on wheels. Analysts think it could be making 1m electric cars by 2025. If so, it may overtake Apple, whose iCar plans look less advanced.

This article appeared in the Business section of the print edition under the headline “Hon Hai, Apple’s biggest iPhone assembler, is eyeing cars”

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