EV Plants To Be Built In US And Thailand By 2022, Foxconn Expands Its Horizon

The world’s largest contract electronic producer Foxconn has stated that they are planning to build electric vehicle (EV) manufacturing facilities in the U.S. and Thailand in the upcoming year. 

"We plan to begin mass production in the U.S. and Thailand respectively in 2023. 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 chairman Young Liu told investors in an earnings call. 

For its U.S. facility, Foxconn is expected to build vehicles for EV clients such as Fisker. With a signed deal in May, Foxconn is already in the plans of manufacturing Fisker EVs by the end of 2023. 

Additionally, Foxconn is believed to be in talks with three states in the United States to establish its first electric vehicle manufacturing in North America, including Wisconsin - which has promised to modify its current facility in exchange for a $10 billion investment in the state.

On the other hand, the Thailand plant will be a joint venture with Thai oil and gas behemoth PTT, with which they will be developing an EV and component manufacturing platform. The plant will initially target the Thai market before eventually expanding to nations in the Association of Southeast Asian Nations.

Foxconn has also announced plans on buying a chip facility from a Taiwanese memory chipmaker for $90 million, as part of its move to secure a source of semiconductors, following the unprecedented global chip shortage.