YOUNGSTOWN, Ohio – Hon Hai Technology Group, more commonly known worldwide as Foxconn, said it would invest more than $26 million in its Ohio electric vehicle operations, according to a Taiwanese news service.
TaiwanPlus News reported in a broadcast that Foxconn said it would “allocate $26 million for its electric vehicle subsidiary based in the U.S. state of Ohio.” The report did not indicate what the investment would entail.
Taiwan-based 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.
Guy Coviello, president and CEO of the Youngstown/Warren Regional Chamber, said that the news report out of Taiwan is encouraging.
“We certainly welcome any sort of additional investment from Foxconn, which has already invested a half billion dollars into the Lordstown facility since acquiring it in 2022 and we continue to have high expectations for Foxconn to return the plant to its automaking glory,” he said. “The news report that the company plans to invest $26 million into electric vehicle operations in Ohio is a sign of good things to come.”
The Business Journal has reached out to Foxconn for confirmation. As of this posting, Foxconn had not replied.
The report followed comments by Foxconn Chairman Young Liu during a conference in Taipei. After the address, Liu was swarmed by reporters who wanted his reaction to the latest round of tariffs proposed by the Trump administration.
“We will definitely be affected by the tariffs,” he said. “It’s unavoidable.”
However, Liu explained that the impact on Foxconn would not be as severe when compared with other companies affected by tariffs. “That’s why we started developing regional manufacturing capabilities four to five years ago. Because we started early, the tariff impact on us is relatively small.”
Yet Liu noted that it’s still unknown just how future tariff policies would ultimately impact Foxconn. “Right now, no one knows what the final amount of the tariff will be,” he told reporters. “That’s the biggest problem. The uncertainty.”
Foxconn purchased the Lordstown Motors plant in November 2022 for $230 million. The Taiwanese manufacturer, best known for producing iPhones, plans to build multiple electric vehicles at the plant in partnership with other original equipment manufacturers.
Initially, Foxconn had contracted with Lordstown Motors to build the Endurance. However, the relationship between the two companies soured, and Lordstown Motors liquidated in bankruptcy. The same day the company declared bankruptcy in 2023, Lordstown Motors filed a lawsuit against Foxconn for breach of contract.
Nu Ride LLC, the successor company to Lordstown Motors, is still pursuing the lawsuit, according to court records.
Foxconn also had a memorandum of understanding to produce a new EV from Fisker Automotive. However, Fisker filed for Chapter 11 as well.
Foxconn did produce an autonomous-option EV tractor for California-based Monarch Tractor at the Lordstown plant. It’s unclear whether Foxconn is still manufacturing the tractor there.
Pictured at top: The sign outside Foxconn’s plant in Lordstown.