iPhone 5 will put Samsung's Galaxy S III to shame, says Foxconn CEO

Chief Executive Officer Terry Gou of Foxconn told its stockholders during the annual meeting on Monday to disregard Samsung's recently-released Galaxy S III smartphone and wait for the upcoming iPhone 5 instead, mentioning a number of strategies that will allow the company to "beat" Samsung within the next three to five years.

As for the next-generation iPhone Gou said that "the new model will put Samsung’s Galaxy III to shame." The main trust, however, was Foxconn's ambition to overtake Samsung. For this purpose, Foxconn became Sharp's single largest shareholder in March, having purchased its 10 percent stake for $808 million to boost demand for products coming out of the plant in Sakai. That particular factory makes 60-inch and 80-inch class LCD panels and happens to have an exclusive deal with American firm Corning to use its Gorilla Glass in large format applications.

According to the China Times, it is Gou's lifetime goal to defeat Samsung, a company that he says has "a track record of snitching on its competitors."

"I respect the Japanese [Sharp] and especially like their execution and communication styles," Gou said. "Unlike the Koreans [Samsung], they will not hit you from behind."