Foxconn, the world’s largest electronics contract manufacturer, is considering producing electric vehicles in Wisconsin, USA as early as 2023. The company is seeking to reduce its dependence on Apple.
On Tuesday, Foxconn Chairman Young Liu told reporters in Taipei that the company will decide whether to establish its electric vehicle production base in Wisconsin or Mexico by July. With declining profits from smartphones, Foxconn is venturing into the electric vehicle market.
The move to produce electric vehicles aligns with Foxconn’s strategy to diversify its business beyond electronics manufacturing. By entering the electric vehicle market, the company aims to tap into the growing demand for sustainable transportation and leverage its manufacturing expertise.
Wisconsin, where Foxconn already has a factory, is being considered as a potential location for its electric vehicle production. If the plan moves forward, it could bring significant investments and job opportunities to the region, boosting the local economy.
By expanding into electric vehicles, Foxconn aims to reduce its reliance on Apple, which has been its major client. The company recognizes the need to adapt to changing market dynamics and seize new growth opportunities in emerging industries.
Foxconn’s entry into the electric vehicle market will intensify competition among established automakers and technology companies. It will contribute to the advancement of electric vehicle technology, manufacturing processes, and infrastructure development.
The decision to produce electric vehicles in Wisconsin or Mexico will depend on various factors, including infrastructure, supply chain considerations, and government support. Foxconn will evaluate these factors to determine the optimal location for its electric vehicle production base.
As the electric vehicle market continues to expand globally, Foxconn’s entry into this sector signifies the growing significance of electric mobility and the transformative impact it has on the automotive industry. The company’s expertise in manufacturing and its commitment to innovation could potentially shape the future of electric vehicle production.
Overall, Foxconn’s consideration of producing electric vehicles in Wisconsin demonstrates the company’s strategic shift towards diversification and capitalizing on new market opportunities. It will be interesting to see how Foxconn’s foray into the electric vehicle market unfolds and contributes to the evolving landscape of the automotive industry.