The Taiwanese multinational electronics contract manufacturer Foxconn is in discussions with the US state of Wisconsin on setting up electric vehicles plant.
As part of Foxconn’s mission to diversify its income streams, in May the Apple supplier had entered into a vehicle assembly deal with electric car manufacturer Fisker. However both the companies could not identify a location until Fisker’s CEO suggested Foxconn’s Wisconsin site was a possibility.
In a statement, the company formally named Hon Hai Precision Industry and stated that 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.
Earlier this year, 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. Later in May, the Taiwanese company’s chairman said it may make electric vehicles at the Wisconsin site, though could decide on Mexico, and would make a decision this year.
Over the past year, Foxconn has announced several deals on the production of electric vehicles with automakers including Fisker, China’s Byton, and Zhejiang Geely Holding Group, and Stallentis’s Fiat Chrysler unit.
Foxconn aims to provide components or services to 10 percent of the world’s electric vehicles by 2025 to 2027, posing a threat to established automakers by allowing technology companies a shortcut to competing in the vehicle market.