TAIPAI, Taiwan – Foxconn said it will suspend share trading Wednesday ahead of a major announcement, the news outlet Reuters reported Tuesday morning.
The nature of the announcement isn’t clear, but in Taiwan, companies usually halt trading activity before disclosures such as mergers, acquisitions, significant investments, asset sales or strategic partnerships, Reuters reported.
The Taiwanese tech giant – mostly known as the world’s largest contract manufacturer of iPhones – has aggressively pursued opportunities in artificial intelligence and the electric vehicle market over the past two years.
In May, Foxconn, also known as Hon Hai Precision Industry, announced it had secured a partnership with Mitsubishi Motors to manufacture EVs in Taiwan for the Australian and New Zealand markets.
Foxconn Chairman Young Liu subsequently said the company would soon announce a partnership with a second Japanese auto manufacturer. Mitsubishi is a junior partner in a group consisting of Japanese automaker Nissan and French automaker Renault.
Meanwhile, Foxconn has made some movement toward upgrading its EV manufacturing plant in Lordstown, Ohio.
The company is awaiting final approval from the U.S. Environmental Protection Agency on a long-term air permit that would enable the plant to install new coating lines, sealing lines, and other equipment, according to documents filed with the Ohio EPA.
According to documents, the Ohio EPA forwarded the permit request to the U.S. EPA on June 18. Should the EPA fail to raise objections, then the permit could go into effect as early as Friday.
Also in June, Foxconn EV Asset Management announced it had acquired $121.286 million worth of equipment but provided no additional details on the type of equipment or where it would be used.
Guy Coviello, president and CEO of the Youngstown/Warren Regional Chamber, said it’s uncertain whether Foxconn’s announcement tomorrow will directly address the company’s Lordstown plant or its operations.
“Whether or not it pertains to us at this point, we don’t know yet,” Coviello said. “We remain steadfast in our belief that the Lordstown plant will one day return to manufacturing glory,” he said.
He pointed to recent developments at Foxconn that focus on the company’s expanding interest in EVs, AI, and mobility technology.
“We see the company strengthening its position as a global leader in the EV supply chain, autonomous mobility, and AI,” Coviello said. “That is all reassuring about what might happen here.”
Coviello said the Chamber has worked closely with the company since it acquired the former General Motors assembly plant in 2022, then owned by Lordstown Motors Corp.. “They’ve made the investments they said they were going to make. They’ve been the kind of corporate citizens they said they would be,” he said.
Any major initiatives to improve Foxconn’s position in the EV and mobility market is likely also good for the Lordstown plant, Coviello said. “It’s safe to say that this action that they’ve taken means something really good for the corporation and the economic impact they’re going to have.”