Foxconn To Build EV Factories In Thailand And The US Next Year

Foxconn is beginning to get serious about its ambitions to create an electric vehicle. The popular manufacturing company announced plans to build EV factories in the US and Thailand in 2022 on an earnings call. Liu Young-way, Foxconn’s Chairman, said the firm is already in talks with European countries regarding locations for several plants.

Foxconn is already building parts for EV clients including Fisker in its US-based plants. Fisker and Foxconn signed a deal back in May and Foxconn is slated to be fully manufacturing Fisker EVs by Q4 2023. Both companies are involved in the ‘Project Pear’ vehicle and revenues from the project will be shared between the two.

Foxconn is in talks with 3 US states in regards to building a new EV plant. This comes after Foxconn drastically scaled back plans for its existing facility in Wisconsin earlier this year.

Foxconn is planning on building a new factory in Thailand to form part of Foxconn’s joint venture with PTT, an oil and gas conglomerate. The two companies have been working on a platform for EV production for a while now. Foxconn plans to build up to 200,000 EVs at that plant alone each year.