Foxconn boosted its Ohio electric vehicle operations with a $23.4 million (NT$690 million) investment through its subsidiary Foxconn EV Technology Inc., marking another step in the Taiwanese manufacturer’s efforts to establish itself as a contract vehicle producer in the United States.
The injection comes as Foxconn has already invested half billion dollars into the Lordstown facility since acquiring it in 2022, according to local officials. The funding flows to Foxconn EV System LLC, the company’s US-based subsidiary responsible for electric vehicle manufacturing at the former General Motors plant in Ohio.
The investment positions Foxconn to capitalize on growing demand for contract manufacturing services in the electric vehicle sector. The facility has emissions licensing to produce up to 350,000 vehicles annually, though current production remains limited to specialized vehicles like the Monarch MK-V electric farm tractor.
Foxconn’s Ohio facility represents a central piece of the company’s North American EV strategy. The Model C crossover, developed specifically for US consumers, is expected to begin customer testing by late 2025 as part of Foxconn’s broader push into the American market under its Foxtron brand.
The timing reflects Foxconn’s measured approach to scaling EV production. Company executives have indicated it could take five years to fully build out the Lordstown factory, citing volatile global EV market conditions and the need for strategic investment decisions.
Foxconn established both its EV Technology and EV System subsidiaries in Ohio in late 2021 as part of its acquisition of Lordstown Motors’ manufacturing assets. The company has positioned itself to serve as a contract manufacturer for automotive brands, mirroring its successful electronics manufacturing model used with companies like Apple.
