Foxconn Technology Group expects its average annual growth to drop by half over the coming 10 years compared with the past decade in a sign that the maturing technology industry cannot sustain its aggressive pace of expansion.
A company spokesman said that the target of at least 30 per cent annual revenue growth, which Terry Gou, the founder and chairman, has repeatedly committed to over the past decade, was no longer realistic and would eventually be replaced by targets averaging at about half that pace.
“This points to a changed pace in the expansion of manufacturing capacity and manpower in the future,” said Edmund Ding, spokesman of Hon Hai, the group’s Taiwan-listed flagship company.
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