Foxconn Electronics (Hon Hai Precision Industry) chairman Terry Gou has reiterated a plan to have his company enter the field of chip manufacturing, according to a Chinese-language Economic Daily News (EDN) report.

The report cited Gou as saying Foxconn will "definitely" manufacture chips by itself, as he delivered a speech at Peking University recently about the company's plans to develop its industrial IoT (IIoT) networks, which needs to purchase a large quantity of sensors and traditional IC parts with the group's procurements of semiconductor parts reaching over US$400 million a year.

Gou said Foxconn has set up a semiconductor business unit with over 100 engineers after the company's previous plans to acquire Toshiba's semiconductor business was rejected, according to the report.

The report said the Foxconn Group has been strengthening its deployments in the semiconductor field, having controlled a number of IC related companies, including Fitipower Integrated Technology for LCD driver ICs, ShunSin Technology Holdings for SiP packaging, Foxsemicon for semiconductor and LED manufacturing equipment, and Socle for IC design services.