The Foxconn head, a Taiwanese manufacturing firm, stated that the company might begin manufacturing electric vehicles at the Wisconsin plant, which Donald Trump abandoned. Foxconn’s presiding officer, Young Liu, said that the firm would complete its strategies before the end of July to prepare the firm’s effectiveness before 2023.
The original strategy to refurbish the Wisconsin Plant was announced in 2017, where the actual plan was to manufacture LCD screens. It was not long before there were allegations of occupants being forced to relocate. Millions of US tax breaks were placed under security, and this was the point Foxconn decided to re-examine if it was able to manufacture screens at the location.
The plant has promised over 13,000 job opportunities and $10 billion in local investment by 2023 deemed mysteriously. Young said that his group recently found out that probably electric vehicles would be the best product to manufacture from the US. Electric vehicles are enormous products and not that easy to distribute. Young also made an exploration around the Wisconsin area, and he found out it is near where vehicles are manufactured, meaning the facilities are there.
Young was asked if he is worried about how the US would perceive the firm now that Foxconn had failed to deliver its promised project to Philadelphia and other nations overseas. In response, Young said that all resources are already in place, the land and the factory buildings. So the only thing left is to implement their strategies and remain on track.
Young added that investment that would be made must surpass the previous one by 30 percent. Foxconn used to manufacture iPhones and other consumer-related electronics, and now it has extended to the electrical manufacturing facility in just a year. Foxconn has built joints businesses with vehicle manufacturers in China and Taiwan and not forgetting Fisker, a US start-up. Foxconn has begun making an open software and hardware program for its manufacturers, which would help reduce the time used to make products.
In February this year, Young vowed two to three electric vehicles would be manufactured before the year-ends. He added that the firm aims to provide 10 percent of all-electric car production, making deals with one firm from the US. Young did not mention the US-based firm; however, he said it was not a traditional car-manufacturing firm.
While Foxconn has no prior experience with electric vehicles, Young believes that their lack of experience and “pace” can help them contend with companies like Magna, the current market leader, who recently revealed a $1 billion partnership with LG to supply EV components. Young, who took over from creator Terry Gou in the 2019 and became the company’s second-ever CEO, has been extending the company’s presence into new regions. He created the firm’s semiconductor division in 2014.