TAIPAI, Taiwan – Hon Hai Technologies, more commonly known as Foxconn, said Thursday it plans to increase its capital spending next year and boost manufacturing in Ohio in response to anticipated high demand for artificial intelligence systems.
“In response to American localization needs, Texas, Wisconsin, Ohio and California will see build up in R&D and manufacturing capabilities” in 2027, the company said in a statement announcing its second-quarter earnings. “The group currently has no plans for direct equity financing and will maintain a sound capital structure to meet future operational and expansion needs.”
No other details were provided.
Foxconn is in the process of transforming the former General Motors plant in Lordstown into a manufacturing hub for AI components and server racks. Last year, Foxconn sold the plant to SoftBank Group for $375 million, which is constructing a small data center at the plant. The plant – a 6.2 million-square-foot factory – shut down in 2019 and was then sold to Lordstown Motors Corp., which sold it to Foxconn in 2023. Foxconn said it would remain in the plant as a contract manufacturer to support the project.
In November, SoftBank affiliate Crescent Dune LLC filed documents with the Ohio Environmental Protection Agency affirming its plans for an expansion project in Lordstown related to “manufacturing and assembly for modular data center and server manufacturing; assembly for IT server rack and servers; modular data center for IT, power distribution, HVAC, and related components.” The filing also included a site map depicting an expansion area just north of the plant.
According to reports at the time, SoftBank said it would invest up to $3 billion in Lordstown to manufacture components for OpenAI’s data centers.
Foxconn reported that revenue during the second quarter reached $77.5 billion. Net profit for the quarter was $1.87 billion. “Looking ahead to the third quarter, the traditional peak season, operations are expected to gradually pick up,” the company said. “Overall, the July-September quarter is expected to see significant quarter-on-quarter growth and strong year-on-year growth. For the full year 2026, thanks to strong demand for AI servers and growth in smart consumer electronics, the outlook for strong growth remains unchanged.”
During the first half of 2026, revenue reached $144.4 billion, an increase of 35% compared with the same period last year. Net profit stood at $3.4 billion during the first half, an increase of 27% compared with the first half of 2025.