Foxconn Electronics (Hon Hai Precision Industry), has denied recent market rumors that company chairman Terry Guo hopes to cut the company's workforce by 30% over the next five years to reach its goal of reducing manpower by half, while doubling capacity, saying that the figures and explanation of the company goals are completely misleading.

Foxconn pointed out that it needs balance its workforce requirements and plans to increase automation to achieve the best results based on client orders.