Foxconn to build electric vehicle factories in America and Thailand in 2022

Foxconn on Thursday said it will build electric vehicle factories in America and Thailand next year, as Apple’s key iPhone assembler accelerates efforts to continue growth by capitalizing on the rising EV wave to offset the maturing smartphone industry.

Foxconn to build electric vehicle factories in America and Thailand in 2022
The logo of electronics contract manufacturer Foxconn Technology Group, formally known as Hon Hai Precision Industry, is displayed at its headquarters in Taipei. Photo: Agence France-Presse

Lauly Li for Nikkei Asia:

“Our plans are to begin mass production in the U.S. and Thailand respectively in 2023,” Foxconn Chairman Young Liu told investors in an earnings call. “Other than in the U.S. and Thailand, we are also in talks with possible locations in Europe too as part of our global EV footprint strategy.”

Foxconn… is enlarging its presence in the EV industry by tapping into automobile semiconductors, key components, parts, advanced driving-related software and EV assembly.

The iPhone assembler also set up a software and hardware open platform, the MIH EV Open Platform — which includes a chassis, electronic architecture and support for autonomous driving — to shorten development time for automakers, especially EV newcomers, to turn out cars.

Foxconn has already ruled out Mexico as a location but is in negotiations with three states in the U.S. to build its first EV manufacturing plant in North America, Nikkei Asia has learned. Those include Wisconsin, which just agreed with Foxconn to amend its former plan of investing $10 billion in the state — a promise Foxconn made in 2017.

MacDailyNews Take: Driven by the strong remote work and school demand for smartphones, personal computers, etc., Foxconn said Thursday that its net profit surged 30% year-over-year to NT$29.8 billion in the June quarter, a new quarterly record for the company.

12 Comments

    1. “Had it been paid out, it would have been by far the largest subsidy ever given to a foreign firm in U.S. history.[9][10][8] Much of this subsidy would be paid in direct cash payments [to Foxcon] from taxpayers since Wisconsin already exempts manufacturing companies from paying taxes.”

      Cons have to learn that there is a limit to what you can achieve by simply throwing tax money at big corporations. Sometimes a nation has to stand on its own two feet and do things itself.

      1. Libs always need to lie when trying to make a point. The exemption is for use tax. Corporations in Wisconsin pay income tax. Further, earned subsidies were in direct relation to job creation and investment. Oddly enough, it was an inept liberal governor that renegotiated those deals and weakened them, from a taxpayer perspective.

            1. Cute. But totally FALSE! Ass kicking at the polls coming because of liberal lies everyone knows are LIES including deceitful liberals with NO CONSCIENCE. The most accomplished liars like Hillary and local plague TxUseless sleep well at night embody that strategy. Lying is simply a DISHONEST tool to Leftists used to build and maintain power for the radical LEFT. No one including youngsters in Midwest cornfields is buying it and the reckoning is coming in 2020!!…

  1. Build them ALL in the USA and choose an American Car Company founded in the good ‘ole USA the greatest and freest country on planet Earth. Make is so, Apple…

    1. While I totally agree with your sentiment, Honda and Toyota are FAR better built and last FAR longer than Ford, Chysler, or GM. It’s a real shame to say it, but its true

    2. Chrysler, Dodge, Ram Trucks, and Jeeps are made by subsidiaries of a Dutch corporation.

      GM makes and sells more vehicles in China than the US.

      Most “foreign” cars sold in the US were either assembled in America or incorporate substantial American content.

      The notion of a national, rather than multinational, automaker vanished at least fifty years ago and is not coming back. Adam Smith explained why economic isolationism is a bad idea two centuries before that.

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