Foxconn billionaire Gou announces Taiwan presidential bid

TAIWAN, China — Foxconn's billionaire founder Terry Gou announced Monday that he will run for president of Taiwan as an independent candidate.

Gou has long-running ambitions to become the leader of the self-ruled island, and sought the nomination of the main opposition Kuomintang party this year.

But the KMT went with Hou Yu-ih, a former police chief who is now the mayor of New Taipei City. Hou has been polling poorly in recent weeks, however. 

"I have decided to join the 2024 presidential race," Gou said at a press conference.

He needs to collect 290,000 signatures to qualify as an independent candidate. He has in recent months held campaign-like events around Taiwan.

Foxconn is one of the world's largest contract producers of electronics, and is a key supplier for Apple's iPhones.

Taiwan will hold a presidential election in January next year.

Vice President Lai Ching-te -- who is a member of President Tsai Ing-wen's Democratic Progressive Party -- is the current frontrunner.