TAIPEI -- Foxconn's Android smartphone arm is scaling back its mobile business and moving into next generation automotive electronics in a bid to counter the impact of a deepening industry slump on the second tier brands that make up much of its client list.
Hong Kong-listed FIH Mobile, 62% owned by Taiwanese tech giant Foxconn, is one of the world's biggest contract manufacturers of Android phones with revenues of $14.9 billion last year. It is transferring hundreds of engineers and other resources from the Android smartphone operation, which makes up 90% of its revenues, to a newly established automotive electronics project, sources close to the subject told Nikkei Asian Review.
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