TAIPEI (TVBS News) — Like its counterparts in the semiconductor industry, Foxconn is investing in the United States, targeting the electric vehicle market. Instead of Silicon Valley, though, the Taiwanese company has set its eyes on the "rust belt" supply chain in Ohio State.
Analysts estimate that 2023 and 2025 will be critical for developing electric vehicles. And Foxconn is proactively vying for a top spot in the EV sector.
Jerry Hsiao, chief product officer of EV DESIGN at Foxconn, said: "Why Foxconn? The answer is straightforward. We have accumulated 40 years of manufacturing experience, manufacturing all different products."
The company spent US＄230 million last year to acquire Lordstown Motors, which became the first car factory of Foxconn.
Instead of Silicon Valley, Foxconn sees the design workforce available in the Great Lakes region and the related supply chain in the surrounding areas.
Foxconn has also chosen not to build a new factory. With merger and acquisition, they retained more than 400 local talents at Lordstown Motors.
Hsiao added: "Within three years, from 2019 to now, everyone can see that we started from zero; we have now even begun the mass production of vehicles. Many might think it was swift, but it has been a step-by-step planned layout for us."
As the Biden administration is promoting American manufacturing, in the future, if foreign companies want to sell electric vehicles in the United States, they will have to build a factory locally.
Many automobile and battery manufacturers, including Panasonic, LG, and even Honda, are gearing up to set up factories in the United States. With past manufacturing experience, Foxconn aims to surpass its international competition in the EV industry.
