Hon Hai Group plans to build an innovation research and development center in Wuhan.

Apart from smart manufacturing, this new R&D center will further tap smart research and development. Its goal is to double output value within three years, reaching CNY460 billion, according to reports in Taiwanese local media.

Hon Hai Group, which is Foxconn's parent company, and its technological cooperating partners and local funds will jointly invest in this R&D center. Its initial fund scale will be CNY5 billion and its total investments will reach billions of RMB with gradual increments in the future.

Chen Conghan, general manager of Hon Hai Foxconn Wuhan park, revealed that this park has a diversified and multi-brand industrial layout. However, this is not enough — in the future, they will need to transform from the traditional production model to a smart and lean model.