The world’s leading contract electronics provider, Foxconn is planning to convert its plant in the US state of Wisconsin to an EV plant, as the company continues to grapple with losses occasioned by the underutilization of the plant since its opening in 2017 during Donald Trump’s presidency.
Taiwanese company Foxconn is also a major supplier of Apple and is believed to be a possible producer of Apple iPhones in its Indian plant. It is not known at this time whether the move by Foxconn is connected to the plans by Apple to produce its own EV.
The over $10 billion Wisconsin plant was originally designed to produce advanced large-screen displays for TVs. The plant has also been put forward by Foxconn to produce liquid crystal display screens, as well as the building of servers, all within the few years it has been established.
The EV announcement was made in Taipei, Taiwan by Foxconn’s Chairman Liu Young-way who stated that the infrastructure was available to make electric vehicles at its Wisconsin plant, coupled with its proximity to the traditional hub vehicle manufacturing in the United States. He stressed that Foxconn has the capabilities to produce the major electronics that are the critical components of EV vehicle production.
In addition, the company is seriously mulling plans to set up a plant in Mexico, as an alternative if the plans for its Wisconsin plant do not scale through. The Foxconn chairman also added that the company would invest around $354 million annually over the next three years as it continues to chart new business opportunities, EV production inclusive.
It remains to be seen how firm the company is about its foray into EV production and the coming years will put that decision in proper perspective.
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