Foxconn’s subsidiary, Foxconn New Business Development Group, has secured a 28,400-square-meter plot in Zhengzhou’s Zhengdong New District for 150 million yuan ($20.7 million). The land acquisition signals the tech giant’s push into electric vehicles, batteries, and robotics manufacturing.
The industrial site, strategically located near major roads, is slated for a multi-faceted development. Foxconn aims to establish a hub for research, development, and marketing of electric vehicles, batteries, robots, and digital medical technologies.
With a committed investment of at least 900 million yuan ($124.3 million), Foxconn projects ambitious returns. The company anticipates generating annual revenue of 10 million yuan per mu (about $2.1 million per acre) and tax contributions of 1 million yuan per mu ($207,000 per acre) once operational.
The project’s timeline is aggressive, with full production capacity expected within three years of contract signing. This move aligns with Foxconn’s diversification strategy beyond its core electronics manufacturing business, positioning the company to capitalize on emerging tech sectors.
Industry analysts note that while the investment is significant, Foxconn faces stiff competition in the crowded EV and robotics markets. The success of this venture will depend on the company’s ability to leverage its manufacturing expertise in these new domains.
