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July 9, 2021updated 12 Jul 2021 2:05pm

Foxconn eyes Wisconsin for EV factory

Foxconn is talking to Wisconsin officials about building EVs in the state.

By Graeme Roberts

Taiwan’s Foxconn has said it was talking with state officials about building electric vehicles in Wisconsin, part of the major Apple supplier’s move to diversify income streams.

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According to a Reuters report, Foxconn and Fisker said in May 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 cited by the news agency, 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, Reuters said.

A Wisconsin Economic Development Corp spokesman told Reuters the agency does not comment on any potential talks until a contract is executed.

In April, Foxconn drastically scaled back a planned $10bn 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.

A month earlier, Foxconn’s chairman said it might make electric vehicles (EVs) at the Wisconsin site, though could decide on Mexico, and would make a decision this year, Reuters noted.

Over the past year or so Foxconn has announced several deals on the production of EVs with automakers including Fisker, Byton and Zhejiang Geely Holding , and Stellantis’ Fiat Chrysler unit.

On Friday, Fisker told Reuters talks with Wisconsin economic development officials were normal in the process of evaluating potential plant sites. The carmaker said in May it had finalised plans for Foxconn to build vehicles for the EV startup at a US 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, the news agency’s report noted.

Free Report
img

What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
  Consult this report now to find out how you and your company can benefit from our Explorer platform.
by GlobalData
Enter your details here to receive your free Report.

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