Hon Hai Precision (Foxconn) chairman Young Liu expressed optimism for Q1 2022 in an address to staff, forecasting solid growth as vendors reportedly stockpile inventories, but warned of continued challenges and uncertainties.

Liu told employees Foxconn could record unprecedented results in Q1, with the performance likely to be better than recent years. He said the company will put more focus on metaverse and electric vehicles projects.

Achieving any Q1 uplift “would have been absolutely impossible if it weren’t for everyone’s hard work”, the executive stated.

While the company could face more challenges this year, he noted these will bring new opportunities for growth.

Foxconn founder and former chairman Terry Gou agreed 2022 would be a year of more turbulence but also full of opportunities.

Despite facing a number of challenges in 2021, Liu said revenue grew 11 per cent year-on-year to a record high of TWD5.9 trillion ($213 billion), with net profit for the first nine months up 70 per cent to TWD94.9 billion.