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Asia Pacific / Thailand

Foxconn plans to build electric vehicle factories in US and Thailand

Taiwan-based Foxconn has announced that it is planning to ramp up its electric vehicle operations with new factories in the US and Thailand.

Hon Hai Precision Industry (trading as Foxconn), one of the world’s largest electronics manufacturers, has announced plans to establish electric vehicle (EV) operations in the US and Thailand. The company’s chairman, Liu Young-way, told investors during an earning call: “Our plans are to begin mass production in the US and Thailand in 2023… We are also in talks with possible locations in Europe as part of our global EV footprint strategy.”

At its upcoming US facility, Foxconn will produce EVs for clients including California-based automotive manufacturer Fisker. The two companies signed a deal in May 2021 and Foxconn plans to begin making EV’s for Fisker in the fourth quarter of 2023.

Foxconn is currently in discussions with three states over where to locate its new US plant. The company is reportedly considering Wisconsin, where it has already committed to establishing a data centre, storage facility and additional manufacturing operations.

The company’s planned Thai facility will form part of a joint venture with local oil and gas company Petroleum Authority of Thailand. Foxconn is expected to produce 150,000 to 200,000 EVs annually at the Thailand-based plant alone.

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Cara Lyttle

Senior investment consultant

Cara Lyttle is a senior investment consultant at Investment Monitor with experience tracking and analysing cross-border investment.