Foxconn to invest 1b yuan in new headquarters

Foxconn Technology Group, the world's largest electronics manufacturing contractor, plans to invest 1 billion yuan ($137.6 million) to establish a new business headquarters in Zhengzhou, Henan province, as it has signed a strategic partnership with the provincial government.

With a construction area of approximately 70,000 square meters, the new headquarters mainly focuses on the trial manufacturing of electric vehicles and solid-state batteries, aiming to build a global high-end manufacturing industrial chain and an ecosystem for strategic emerging industries, Foxconn said.

According to the agreement, Foxconn will speed up the development of EVs, energy storage batteries, digital health and robotics in Henan province by leveraging its core competitive advantages in intelligent manufacturing.

In recent years, Foxconn has been concentrating on its "3+3 strategy": EVs, digital health and robotics, which are three emerging industries underpinned by three new technologies, namely artificial intelligence, semiconductors and new-generation mobile communications.

Foxconn, formally known as Hon Hai Precision Industry Co, is a key supplier of Apple. It has major production bases in Shenzhen, Guangdong province and Zhengzhou, Henan province.