TAIPAI, Taiwan – An electric vehicle subsidiary of Hon Hai Precision Industry, also known as Foxconn, has purchased nearly $121.3 million worth of new equipment and machinery, according to reports in the global financial press.
According to Investing.com Foxconn EV Asset Management LLC announced it had acquired machinery and equipment valued at $121,286,293.54. The company said the equipment would be used for “business assets.” Foxconn provided no additional details on the type of equipment acquired or where it would be used.
Foxconn’s board of directors approved the purchase Thursday, reports noted. Foxconn’s acquisition was made through Banc of America Leasing & Capital, the company said according to news sources.
In May, Foxconn announced a partnership to build EVs for Mitsubishi, gearing the models for the Australian and New Zealand markets by the second half of 2026. The company also recently announced its intent to partner with another unidentified Japanese automaker to develop EVs.
A Taiwanese news service, TaiwanPlus, reported in April that Foxconn planned to invest $26 million in its EV “subsidiary in Ohio.” Foxconn operates just a single EV plant in Ohio, the former General Motors Co.’s factory in Lordstown. Foxconn purchased the plant in 2022 from Lordstown Motors Corp., which acquired the manufacturing complex after GM shuttered it in 2019.