Terry Gou, the billionaire who founded major Apple supplier Foxconn, announced his withdrawal from the race to become Taiwan's next president on Friday, just hours before the deadline to formally register as a candidate.
In a statement, Gou mentioned that he has never yielded in the international business battlefield, but did not provide a specific reason for his retreat. He stated, "For the future of the Republic of China, choosing to yield is all the love I can give to my homeland," referencing Taiwan's official name.
Terry Gou, Foxconn founder announces bid for Taiwan presidency during a press event in Taipei, Taiwan August 28, 2023.
Ann Wang/Reuters/File
Apple iPhone maker Foxconn being investigated in China as founder runs for Taiwan presidency
In a separate Facebook post on Friday, Gou's running mate Tammy Lai also stated that they will not be on the ballot for the 2024 election. Taiwan's presidential election is scheduled for January 13, 2024.
Self-made billionaire Gou, with little political experience, announced his candidacy as an independent in August, stepping down from Foxconn's board. Despite previously running for election in 2019, Gou withdrew after failed attempts to form a joint ticket with the main opposition candidates, leading to their separate registration on Friday. While Gou and the opposition shared the goal of defeating the ruling Democratic Progressive Party, his low poll numbers led to his withdrawal.
Gou established Foxconn, formerly known as Hon Hai Precision Industry, in Taiwan in 1974. Shortly after announcing his bid, reports from Chinese state media indicated that Foxconn was being investigated by Chinese authorities over issues related to land use and taxes. This investigation occurred after Gou had emphasized that he would not be influenced by Beijing, despite having significant business interests in China.
During a press conference in Taipei in August, Gou stated, "If the Chinese Communist regime threatens to confiscate Hon Hai [Foxconn]s property if we don't comply, I will say, Yes, please do it." In response, Foxconn told CNN that abiding by the law was one of its fundamental principles and that it would actively cooperate.
The company failed to provide a timely response to a request for an update on the issue on Friday. In November, a Foxconn subsidiary in Wuhan, China was fined 20,000 yuan ($2,800) by a local tax authority for exaggerating its research and development expenses in 2021 and 2022, as reported by the state-run National Center for Public Credit Information.
