Taiwan’s Foxconn Discussing Electric Vehicle Plant In Wisconsin
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Taiwan’s Foxconn said on Friday it was in talks with the U.S. state of Wisconsin about building electric vehicles there, part of the major Apple Inc supplier’s push to diversify income streams.
Foxconn and electric car manufacturer Fisker Inc said in May that they had finalized a vehicle-assembly deal. They did not identify a location, but Fisker’s CEO said Foxconn’s Wisconsin site was a possibility.
In a statement, Foxconn said it had begun discussions with Wisconsin.
“Foxconn has engaged the Wisconsin Economic Development Corporation to discuss the company’s plans for electric vehicle manufacturing. Foxconn is optimistic about our partnership with WEDC and looks forward to ongoing discussions,” it added.
The company formally called Hon Hai Precision Industry, gave no further details.
A Wisconsin Economic Development Corp spokesman said the agency does not comment on any potential talks until a contract is executed.
In April, Foxconn drastically scaled back a planned $10 billion factory in Wisconsin, confirming its retreat from a project that former U.S. President Donald Trump once called “the eighth wonder of the world” and was supposed to build cutting-edge flat-panel display screens.
A month earlier, Foxconn’s chairman said it may make electric vehicles (EVs) at the Wisconsin site, though could decide on Mexico, and would make a decision this year.
Over the past year or so Foxconn has announced several deals on the production of EVs with automakers including Fisker, China’s Byton and Zhejiang Geely Holding Group, and Stellantis NV’s Fiat Chrysler unit.
On Friday, Fisker said talks with Wisconsin economic development officials were normal in the process of evaluating potential plant sites. The carmaker said in May it had finalized plans for Foxconn to build vehicles for the electric car startup at a U.S. plant starting in 2023, and Wisconsin was one of four options.
Foxconn aims to provide components or services to 10% of the world’s EVs by 2025 to 2027, posing a threat to established automakers by allowing technology companies a shortcut to competing in the vehicle market.
Questions & Answers
Q.Which company previously mentioned Foxconn's Wisconsin site as a potential location for electric vehicle manufacturing?
Which company previously mentioned Foxconn's Wisconsin site as a potential location for electric vehicle manufacturing?
Electric car manufacturer Fisker Inc. Indicated in May that Foxconn's Wisconsin facility was a possibility for their vehicle assembly deal. This deal with Fisker and Foxconn had been finalised earlier in the year.
Q.What was the original purpose of Foxconn's large-scale factory project in Wisconsin?
What was the original purpose of Foxconn's large-scale factory project in Wisconsin?
The initial $10 billion factory project in Wisconsin was intended for the production of cutting-edge flat-panel display screens. Former US President Donald Trump had referred to this project as a global marvel.
Q.When does Foxconn aim to supply components or services to the electric vehicle market?
When does Foxconn aim to supply components or services to the electric vehicle market?
Foxconn aims to supply components or services to 10% of the world's electric vehicles by 2025 to 2027. This initiative is part of their strategy to diversify income streams beyond their existing business.
Q.Has Foxconn discussed potential EV manufacturing with other companies besides Fisker?
Has Foxconn discussed potential EV manufacturing with other companies besides Fisker?
Yes, Foxconn has announced several deals for EV production over the past year or so. These include collaborations with China’s Byton and Zhejiang Geely Holding Group, and Stellantis NV’s Fiat Chrysler unit.
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