Foxconn chairman Terry Gou to resign

An employee holds a box of the Apple Inc. iPhone XS at an Apple store during its launch in Hong Kong China

An employee holds a box of the Apple Inc. iPhone XS at an Apple store during its launch in Hong Kong China | Anthony Kwan | Bloomberg

The founder isn't stepping down or relinquishing his chairmanship, said Louis Woo, special assistant to Gou.

"I will still be involved and be in charge of the company's major directions in the future but I will take a more advisory role on daily operations", Gou said on the sidelines of a forum in Taipei.

Foxconn assembles most of its products in mainland China but many of its gadgets are sold in the United States, leaving it vulnerable to market fallout from the ongoing US-China trade war.

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It is unclear how Apple's foray into manufacturing in India will affect its relationship with China, which has been its production hub for years with Foxconn and other partner companies.

There are two assembly sites of Foxconn in Andhra Pradesh and Tamil Nadu, where it also manufactures Xiaomi and Nokia devices.

He said his plans would be discussed with the board of Foxconn, the world's largest contract manufacturer, formally known as Hon Hai Precision Industry Co Ltd. Foxconn's initial investment will be about $300 million to set up, with lined-up investments depending on capacity expansion.

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Gou said that his company is talking with the government about investment terms.

"We are the primary assembler after all", Gou said on Monday.

Producing phones locally would also help Apple's retail push in India.

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This story has been published from a wire agency feed without modifications to the text.

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