Foxconn Industrial Internet (FII) hosted a summit on July 17 in celebration of the third anniversary of its IPO on Shanghai Stock Market.
A subsidiary of Foxconn, the world’s largest electronics contract manufacturer, FII primarily targets the Chinese market and aims to eventually account for 70% of China’s gross industrial output value. Since its IPO in 2018, FII’s revenue has jumped 130% between 2019 and 2020, rising from approximately 600 million yuan in 2019 to 1.4 billion yuan.
Jun Qi Lee, FII’s chairman, identified the company’s goal to realize digital transformation for traditional manufacturers, going through four stages: automation, digitalization, networklization and intelligentization. Since it was founded, FII has expanded across the entire industry 4.0 value chain, and in 2018 its factory in Chengdu, China, has been recognised by the World Economic Forum (WEF)’s Global Lighthouse Network (GLN) as a Lighthouse factory.
Using the summit, FII also announced its pilot program. In the coming five years, FII aims to: 1. Help 100 leading companies to achieve digital transformation. 2. Introduce digitalized applications for 1000 manufacturing companies. 3. Provide technology platforms for 50,000 SMEs.
In addition, FII pointed out that a “resilient manufacturing system” would be of great importance in the future, especially in handling the shortage of material caused by the ongoing pandemic. The application of AI, moreover, would also help to balance out the uneven qualities of workers.