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Apple-Supplier Foxconn Closes in on US Electric Vehicle Plant Deal
Foxconn's platform for electric vehicles at a company event in Taipei, Taiwan, last year. Photo: Reuters

Taiwan’s tech manufacturer has been working on developing a presence in the EV market for some time and is now poised to take its greatest leap forward yet with discussions over a production plant in the American state of Wisconsin close to completion  

 

Taiwan’s Foxconn has revealed it’s in talks with the US state of Wisconsin about building electric vehicles there, as the major Apple supplier pushes to diversify its income streams.

Foxconn and electric car manufacturer Fisker Inc announced in May that they had finalised 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.    

 

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“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.

In April, Foxconn drastically scaled back a planned $10 billion factory in Wisconsin, confirming its retreat from a project that former US President Donald Trump once called “the eighth wonder of the world” and was supposed to build cutting-edge flat-panel display screens.

 

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A month earlier, Foxconn’s chairman said it may make EVs at the Wisconsin site, though it could also 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.

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.

 

  • Reporting by Reuters

 

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Sean OMeara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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